UBS Cuts Its Rating on SAP but Raises Its Price Target to EUR201

On August 26, 2026, UBS lowered SAP from Buy to Neutral — meaning hold, don't add more — because its AI products are rolling out slowly. But UBS also raised its price target 22.6% to EUR201 from EUR164. The takeaway: SAP is worth more than before, but the profit from AI is taking longer to show up.