SAP SE (SAP) Fell After Goldman Sachs Trimmed Margins Forecasts, Can The Stock Bounce Back?
Key takeaways
- SAP SE (SAP) Fell After Goldman Sachs Trimmed Margins Forecasts, Can The Stock Bounce Back?
- The share price fell on June 10, after Goldman Sachs trimmed its margin forecasts for SAP ahead of its Q2 results.
- Goldman left its cloud backlog growth assumptions largely unchanged, though it slightly raised its FY26 forecast after factoring in the recently closed Reltio acquisition.
SAP SE (SAP) Fell After Goldman Sachs Trimmed Margins Forecasts, Can The Stock Bounce Back? Talha Qureshi Thu, June 25, 2026 at 7:04 PM GMT+7 2 min read SAP.DE GS SAP SAP SE (NYSE:SAP) has fallen more than 34% year-to-date, but the street expects more than 61% upside from the current level. Moreover, 82% of the 17 analysts covering the stock maintain a Buy rating on the shares. SAP SE (NYSE:SAP) ranks among our list of Stocks Expected to Bounce Back According to Analysts.
The share price fell on June 10, after Goldman Sachs trimmed its margin forecasts for SAP ahead of its Q2 results. The stock has fallen more than 8.85% since Goldman lowered margin forecasts. The bank cited higher hardware costs in the second half of 2026 as the main pressure point. Goldman lowered second-half 2026 gross margin estimates from 73.3% to 72.8% and also adjusted the full-year EBIT growth forecast to around 15%.
In addition, the firm also believes that the company's two pending acquisitions, Dremio and Prior Labs, are expected to be mildly margin dilutive; however, the company believes that this will be offset by cost efficiencies in other businesses. Goldman left its cloud backlog growth assumptions largely unchanged, though it slightly raised its FY26 forecast after factoring in the recently closed Reltio acquisition. Analysts also flagged that a Middle Eastern customer is expected to scale back, adding some near-term pressure on cloud revenue.