Jefferies reiterates its buy recommendation on the stock and leaves its target price unchanged at €280 after its Q1 2025 results.

After the weakness in the share price ahead of the results and an uncertain macroeconomic environment, we believe that Q1 2025 results, which show robust growth, figures in line with consensus and confirmed forecasts, should provide a welcome boost to confidence, Jefferies said today.

The analyst believes that few other companies in the sector would be able to achieve sustainable growth of 13% in the software and cloud computing sector.


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