SAP Shares Climb as Deutsche Bank and Berenberg Lift Targets on Cloud Surge

Published on 10/22/2026 at 21:11 | Editorial boerse-global.de

SAP shares gained 3% after Deutsche Bank and Berenberg raised price targets, citing 26% cloud revenue growth and a 28% rise in cloud backlog.

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SAP shares advanced on Wednesday, drawing support from a pair of bullish broker notes published a day after the software group's third-quarter 2026 results. The stock was up 3.0% intraday, with the upgrade cycle and a broadly firmer market both contributing to the move, according to dpa-AFX.

Deutsche Bank Research and Berenberg each raised their price targets while leaving their ratings untouched. Deutsche Bank lifted its target to EUR 235 from EUR 200 and kept a "Buy" rating, while Berenberg moved to EUR 240 from EUR 205, also reaffirming "Buy." The two houses are pulling in the same direction after the numbers, though the new levels are analyst projections rather than guaranteed prices.

Cloud Growth Outpaces the Group

The operating backdrop for the upgrades was set on Tuesday, when SAP reported revenue of EUR 10.27 billion for the quarter, a 13% increase year on year. Cloud revenue rose 26% to EUR 6.67 billion, well ahead of the group's overall growth rate — a gap that matters more for reading the results than the headline top-line figure alone.

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The Current Cloud Backlog, which captures contracted business not yet booked as revenue, climbed 28% to EUR 24.1 billion. That combination — faster cloud growth plus a rising backlog — gives the bullish case two separate legs rather than resting on a single quarter's revenue.

Profit Grows Faster Than Sales

Operating profit on a non-IFRS basis reached EUR 3.03 billion, up 18% and outpacing the increase in group revenue. The quarter therefore offers more than a cloud growth story: earnings expanded disproportionately as well.

Higher targets, rising revenue, a larger cloud backlog and a stronger operating result all point the same way. Whether the raised expectations are met will depend on how business develops from here — the Buy ratings, after all, do not settle that question in advance.

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