SAP shares fall as analysts cut targets ahead of July earnings

SAP's share price has dropped about 37% year‑to‑date, trading near its 52‑week low of €130.60. Analysts at Jefferies reduced their price target from €230 to €210, while Berenberg, Bank of America and UBS continue to recommend higher targets of €215, €210 and €205 respectively. CEO Christian Klein sparked additional uncertainty with comments to the Australian Financial Review suggesting that, within three to four years, SAP may have little need for traditional software developers as AI takes a larger role. The company is investing more than €1 billion in AI projects, including acquisitions of Dremio and Prior Labs. SAP is in a quiet period before it reports its second‑quarter results on 23 July 2026, which will be closely watched for signs of revenue growth from its AI strategy.