UBS Cuts SAP to Neutral but Raises Price Target 22.6% to EUR201

UBS downgraded SAP from Buy to Neutral on August 26, 2026, citing a slow AI rollout — yet raised its price target 22.6% to EUR201 from EUR164. The split signals higher conviction in SAP's franchise value but eroded confidence in when AI-driven earnings growth arrives. For shareholders, the message: the business is worth more, but the payoff is taking longer.