UBS Downgrades SAP to Neutral, Lifts Price Target 22.6% to EUR201

UBS cut 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 more confidence in SAP's franchise value but less certainty on when AI-driven earnings growth arrives. The business is worth more; the payoff is taking longer.