The analyst confirms his buy recommendation on the stock, with a price target raised to 222 E (from 191 E), representing a potential upside of 17%.

'SAP's maintenance lifecycle gives it enormous visibility on migration to the cloud. The second quarter should be in line, but an acceleration beyond 2025 is expected' says UBS.

SAP has confirmed its forecasts, with annual cloud sales still expected to be between 17 and 17.3 billion euros, representing growth of between 24% and 27% at constant exchange rates.

Operating profit is expected to be between 7.6 and 7.9 billion euros this year in non-IFRS figures, representing growth of between 17% and 21% at constant exchange rates.

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