SAP stock trades at EUR 184.64 as Jefferies lifts target

Published on 09/25/2026 at 15:05 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

SAP's Q2 cloud backlog increased 27 percent to EUR 22.9 billion on July 23, 2026. Jefferies set a EUR 220 target after lifting it from EUR 210.

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SAP stock (ISIN DE0007164600) was trading at EUR 184.64 on Xetra on September 25, 2026, up 0.25 percent from the prior quote. The immediate market reference is Jefferies' revised EUR 220 price target, raised from EUR 210 while the firm maintained its Buy rating.

Jefferies lifts target to EUR 220

According to Kapitalmarktexperten on September 23, 2026, Charles Brennan of Jefferies raised SAP's target from EUR 210 to EUR 220 and confirmed the Buy recommendation. The report also listed JPMorgan with a Neutral rating and a EUR 175 target, creating a EUR 45 gap between the two published targets.

The revised target is 19.15 percent above the Xetra price of EUR 184.64, calculated from the target and the September 25, 2026 quote. That spread makes the analyst view a measurable valuation reference, while the daily move of 0.25 percent shows that the stock itself was changing only modestly during the session.

Cloud backlog grows 27 percent

In its Q2 and half-year 2026 results dated July 23, 2026, SAP reported a current cloud backlog of EUR 22.9 billion, up 27 percent year over year. Cloud revenue increased 22 percent, while Cloud ERP Suite revenue advanced 25 percent during the same quarter.

The broader revenue picture was slower but still positive: total revenue rose 9 percent, or 11 percent at constant currencies, in Q2 2026. SAP also reported IFRS operating profit growth of 8 percent and non-IFRS operating profit growth of 7 percent, with the latter reaching 9 percent at constant currencies.

Execution remains the valuation test

The figures put cloud conversion and profit delivery at the center of SAP's valuation discussion. A 27 percent backlog increase gives the company a substantial demand metric, but the 9 percent total revenue increase shows that backlog growth has not translated one-for-one into group revenue expansion.

SAP's investor-relations page also states that the 2026 non-IFRS operating profit outlook was updated to reflect the dilutive impact of the Dremio and Prior Labs acquisitions. That combination leaves the EUR 220 Jefferies target dependent on continued cloud growth and disciplined integration.

SAP stock trades at EUR 184.64

SAP stock was trading at EUR 184.64 on Xetra on September 25, 2026, with a 0.25 percent change from the prior quote. The price, the EUR 220 Jefferies target and the Q2 cloud backlog of EUR 22.9 billion define the three key reference points for the shares.