JPMorgan upgrades Infineon and IBM as SAP shares face pressure

JPMorgan raised its target price for German chipmaker Infineon Technologies AG to €96 and kept an Overweight rating, citing strong growth prospects in AI-power semiconductors and a revival in automotive demand. In a separate note, the bank upgraded IBM to Overweight, lifting the price target to $291 and highlighting expected acceleration of software revenue growth in the second half of the year.

At the same time, analysts note that SAP SE’s share price remains weak despite solid operational results. The company posted a 24% rise in operating profit and a 6% increase in revenue, driven by cloud growth, but the stock trades far below its 200‑day moving average, keeping investors cautious about the longer‑term impact of AI competition on traditional ERP software.

Both JPMorgan upgrades and the mixed outlook for SAP reflect ongoing market focus on technology firms’ ability to deliver growth amid shifting demand for AI‑enabled solutions.