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Thursday, Jan 17
SAP (SAP -0.8%) underperforms a bit following a downgrade to Neutral from Citi, which cites...
SAP (SAP -0.8%) underperforms a bit following a downgrade to Neutral from Citi, which cites valuation and high expectations. SAP sold off on Tuesday after it pre-announced slightly soft Q4 results (I, II). Nomura (Buy) offered a mixed take on the numbers, praising Asia-Pac and Hana sales but suggesting "there may be some conflict internally over the appropriate level of investment" in cloud apps, as SAP (perhaps facing an Innovator's Dilemma) frets about the margin impact of cloud sales.