Friday, 24 March, 2023

SAP decides to go all in on cloud, share hits biggest one-day drop in 24 yrs

<p>SAP said that it was going to shift to cloud computing business, and has decided to&nbsp;abandoned medium-term profitability targets. The tech giant also said that business will take longer than expected to recover from the pandemic. Investors dumped SAP shares as it opened 20% lower in Frankfurt to wipe $35 bn off its market value - biggest one-day drop in 24 yrs. JP Morgan cut its price target for SAP to 120 from 160 euros, and downgraded it to &ldquo;neutral&rdquo; from &ldquo;overweight&rdquo;.&nbsp;</p>