SAP: Bigger carrots for (almost) everyone - feedback from Sapphire 2026

研报英文原文证据摘录

SAP: Bigger carrots for (almost) everyone - feedback from Sapphire 2026

Deutsche Bank

Research

Rating Company Date

Buy SAP 18 May 2026

Company Update

Europe

Germany

Reuters Bloomberg Exchange Ticker Price at 15 May 2026 (EUR) 144.06

SAPG.DE SAP GR GER SAPG

Price Target (EUR) 200.00

Technology

272.35 -

IT Software & Services 52-week range (EUR) 136.26

Bigger carrots for (almost) everyone -

Valuation & Risks feedback from Sapphire 2026

Johannes Schaller

A big step in the right direction on AI within a framework of sustained top- and Research Analyst

bottom-line growth +49-69-910-31731

SAP held its annual Sapphire customer and partner event as well as financial analyst

conference in Orlando last week. Management provided a comprehensive update Nicolas Herms

Research Analyst

on its AI strategy and innovation roadmap which we view as a big step in the right

+49-69-910-13052

direction with a very clear value-add for customers and low barriers to adoption. We

have viewed SAP's Cloud and AI strategy over the last few years as "carrot and Nooshin Nejati

stick" with a focus on (AI) innovation only post Cloud migration paired with strict Research Analyst

deadlines for legacy on-premise support. While nothing seems to have changed +49-69-910-61797

regarding the "stick" (support deadlines), we believe the AI "carrot" has become

Price/price relative

significantly larger for customers with SAP's new offering. It has also become

available to a broader customer base with legacy on-prem customers that have 300

signed a RISE Cloud migration deal now getting immediate access to parts of SAP's

AI offering (and not only once migration is completed). Customer feedback has

been positive on the new offering at Sapphire and especially on the latter point 100