SAP, US8030542042

SAP stock eases as UBS cuts the rating and target

Published on 09/20/2026 at 14:31 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

SAP stock closed at EUR 183.12 on September 18, 2026, after UBS cut the rating to Neutral and raised the target to EUR 201. Q2 2026 cloud revenue rose 22 percent.

SAP, US8030542042, Illustration mit AI erstellt.

SAP stock (ISIN US8030542042) closed at EUR 183.12 on September 18, 2026, after UBS cut the rating to Neutral and raised its price target to EUR 201. The shares had fallen 2.60 percent on the day and traded below the 52-week high of EUR 213.10.

UBS sees slower delivery

According to ad hoc news on September 20, 2026, UBS kept SAP at Neutral and moved the target to EUR 201 from EUR 164. The same report said the bank had already downgraded the stock from Buy to Neutral in late August, when only 17 AI agents were live and around 200 were planned by year-end.

The report also cited the DAX context on September 17, 2026: SAP rose 1.2 percent to EUR 184.20 while the benchmark eased, after slipping to EUR 180.18 in the prior session. That leaves the stock 14 percent below its start-of-year level of EUR 208.35, according to MarketBeat.

Cloud growth stays central

In the second quarter of 2026, SAP reported cloud backlog up 27 percent to EUR 22.9 billion, cloud revenue up 22 percent, and total revenue up 9 percent. Operating profit advanced 8 percent under IFRS and 7 percent on a non-IFRS basis, while the company said its 2026 guidance was adjusted for dilution from the acquisitions of Dremio and Prior Labs.

For investors, the split is clear: the cloud numbers are still expanding, but execution on AI agents is the key test. SAP said 37 AI agents had been announced, but only 18 were available, and it plans more than 200 agents and over 50 assistants by year-end, according to ad hoc news.

Price and scale

SAP stock closed at EUR 183.12 on September 18, 2026, with a market capitalization of EUR 211.23 billion and volume of 7.14 million shares, according to MarketBeat. The 52-week range runs from EUR 121.10 to EUR 213.10, leaving the stock 14.1 percent below the high.