🔴 SAP SE is trading 5% down today after Goldman Sachs trims price target and margin forecasts

SAP SE is trading approximately 5% down at $170.06 after a negative analyst action and a broader market pullback in technology stocks.

• Goldman Sachs lowered its price target on SAP's American Depositary Receipt (ADR) to $265 from $271 and trimmed its gross margin forecasts, citing expectations of higher hardware costs in the second half of the year.
• The analyst action is compounding pressure from a wider market rotation out of growth and technology stocks as investors await the latest U.S. CPI inflation data.
• The bank maintained its 'Buy' rating on the stock, noting that the company's AI-driven product cycle story remains intact long-term.