SAP is trading at $208.07, down 4.08%, after UBS downgraded SAP to Neutral from Buy, citing slow delivery of agentic AI to customers.
- UBS raised its price target to €201 from €164, but highlighted potential cloud-backlog growth deceleration during the second half.
- Broader markets are only modestly lower, making the analyst downgrade the clearest catalyst for SAP’s pre-market decline.