Benzinga | Jul 7, 2021 10:12AM EDT

BofA Upgrades SAP To Buy From Underperform, New Price Target Implies 25% Upside

* BofA analyst Frederic Boulan double upgraded SAP SE (NYSE:SAP) to Buy from Underperform. He gave a EUR 150 price target.

* The price target signifies a 24.7% upside to current levels.

* The momentum for SAP's cloud business is likely to accelerate, which will help change the perception of a stock that has lagged European tech peers, Boulan's research note stated.

* The firm's survey of clients showed "high loyalty" to SAP and indicated a willingness to shift to its cloud products, Boulan added.

* Price action: SAP shares traded higher by 3.53% at $146.71 in the market session on the last check Wednesday.