UBS reiterates its 'buy' recommendation on SAP, with a price target maintained at 191 euros, representing an estimated 5% upside potential for the share, ahead of the Sapphire conference to be held by the German software publisher.

We expect Sapphire to provide positive sentiment around S/4 HANA Cloud adoption, but details on growth and margin prospects beyond 2025 are likely to be minimal', warns the broker.

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