BofA Stays Bullish on SAP After CIO Survey; Price Objective, Estimates Raised

07:17 AM EDT, 09/21/2026 (MT Newswires) -- BofA Global Research reiterated its bullish stance on SAP (SAP.F) following an August-September survey of US and European Union chief information officers evaluating the German software group's competitive positioning. "We reiterate our Buy rating on SAP following our proprietary survey of 325 US/EU CIOs. The findings reinforce our positive investment case: SAP remains mission-critical, customer churn is negligible, and cloud and S/4HANA migrations continue to progress, supporting revenue acceleration in 2027," according to a Monday note. The research firm noted that feedback on SAP's full artificial intelligence portfolio is mixed, with 20% of customers viewing their offering favorably, while most are still looking for business value clarity. "Overall, the survey highlights a meaningful long-term AI opportunity supported by SAP's ownership of mission-critical data and workflows, although spending remains constrained by [return on investment] concerns. Growing use of external AI agents also suggests customers are increasingly pursuing open AI architectures built around SAP data rather than SAP-only tools," BofA wrote. On the earnings side, analysts raised their EPS estimates for full-year 2026 to 2028 to account for currency movements. BofA also lifted the buy-rated stock's price objective to 226 euros from 223 euros, adding that SAP remains its top large-cap software pick.