Jefferies reaffirms its 'buy' recommendation on SAP and raises its price target from 200 to 205 euros, pointing to information in the annual report suggesting that growth in the current cloud order book (CCB) should remain broadly constant at 27%.

Further down the income statement, the evolution of earnings definitions opens the door to some variability", adds the broker, who nonetheless expects investors to be sympathetic and for the dossier to remain focused on CCB.

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