TD Cowen Maintains Buy Rating on SAP SE (SAP)

SAP SE (NYSE:SAP) is one of the 10 Best Debt Free Blue Chip Stocks to Invest In.

On April 15, 2026, TD Cowen analyst Derrick Wood lowered the price target on SAP SE (NYSE:SAP) to $250 from $300 and maintained a Buy rating. The firm updated its model following mixed channel checks, noting that enterprise demand remained solid while commercial trends softened sequentially, reflecting emerging macro uncertainties, particularly in energy-related verticals and the Middle East. TD Cowen also pointed to recent commentary from SAP’s CEO around potential pricing changes, which could introduce some near-term disruption.

On April 12, 2026, BMO Capital lowered its price target on SAP to $210 from $245 while keeping an Outperform rating ahead of Q1 results. The firm sees potential upside to free cash flow estimates but expects limited upside in organic Current Cloud Backlog growth. It added that in the current technology environment, companies are increasingly required to deliver upside surprises, even with valuations already under pressure.

Separately, SAP SE (NYSE:SAP) and Reltio announced that SAP has agreed to acquire Reltio, a master data management software provider, in a move aimed at helping customers make both SAP and non-SAP enterprise data AI-ready. The transaction is expected to close in Q2 or Q3 of 2026, subject to customary closing conditions and regulatory approvals.

TD Cowen Maintains Buy Rating on SAP SE (SAP)

SAP SE (NYSE:SAP) provides enterprise software and business solutions globally.

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