JPMorgan keeps Neutral rating for SAP stock with EUR 175.00 target

Published on 10/12/2026 at 09:18 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

SAP cloud revenue rose 24.00 percent in Q2 2026. SAP stock costs EUR 191.20 on October 12, 2026 versus the EUR 191.46 Xetra close of October 9, 2026.

Key points in brief

JPMorgan kept a Neutral rating and a EUR 175.00 target for SAP stock on October 11, 2026.
SAP cloud revenue increased 24.00 percent to EUR 6.30 billion in the second quarter of 2026.
SAP stock was trading at EUR 191.20 at Lang & Schwarz on October 12, 2026, minus 0.14 percent versus the EUR 191.46 Xetra close of October 9, 2026.
SAP is scheduled to publish third-quarter 2026 results on October 21, 2026.

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SAP stock (ISIN DE0007164600) was trading at EUR 191.20 at Lang & Schwarz on October 12, 2026 at 9:15 a.m. CEST. On October 11, JPMorgan kept a Neutral rating and a EUR 175.00 target for SAP, according to Adalytica.

Three milestones shape SAP AI push

On July 23, 2026, SAP reported second-quarter and half-year results. Cloud revenue rose 24.00 percent to EUR 6.30 billion, while total revenue increased 11.00 percent to EUR 9.90 billion, according to SAP investor relations.

On October 6, 2026, SAP agreed to acquire TechWolf, an AI work intelligence provider. TechWolf said its open-source models had passed 2 million downloads, while financial terms were not disclosed, according to TechWolf. On October 11, JPMorgan's note put the target at EUR 175.00 and retained Neutral, making near-term execution ahead of results the central valuation test.

What does the AI plan add?

SAP's second-quarter cloud performance gives the acquisition a measurable operating backdrop. Cloud revenue grew 24.00 percent year over year, cloud ERP suite revenue increased 27.00 percent, and AI and SAP Business Data Cloud appeared in more than 90.00 percent of SAP's 50 largest deals, according to Zacks.

The counterweight is the rating gap: SAP's Lang & Schwarz price of EUR 191.20 stood EUR 16.20 above JPMorgan's EUR 175.00 target on October 12, 2026. That spread leaves the October 21 results as the next hard test of whether cloud growth and AI adoption can support the valuation.

Next reporting date is October 21

SAP investor relations lists October 21, 2026 for the publication of third-quarter 2026 financial results. The company scheduled disclosure for 10:05 p.m. CEST, followed by an analyst conference call at 11:00 p.m. CEST.

Stock stays below the Xetra close

At Lang & Schwarz, SAP stock was trading at EUR 191.20 on October 12, 2026 at 9:15 a.m. CEST, down EUR 0.26 or minus 0.14 percent versus the Xetra close of October 9, 2026 at EUR 191.46. The primary listing is on Xetra, where the stock had a 52-week range of EUR 127.50 to EUR 244.30 and a market capitalization of EUR 221.0 billion as of October 9, 2026. The further course of trading is shown by the continuously updated real-time quote of SAP stock.