FRANKFURT, Jan 10, 2026, 20:23 CET — The market has now closed for the day.
- SAP shares climbed 2.8% in Frankfurt on Friday, outstripping gains across the wider German market.
- A Wells Fargo software note singled out SAP as a 2026 “top platform” pick, citing trends in cloud and AI spending.
- Upcoming catalysts to watch: U.S. inflation figures on Jan. 13 and SAP’s quarterly earnings report on Jan. 29.
SAP shares gained 2.8% on Friday, pushing higher after a rocky start to the year. Investors responded to a new Wall Street note that ranked the German software giant near the top of a 2026 software outlook. (MarketWatch)
This shift is significant as SAP’s next major update is just around the corner. The company will release its fourth-quarter and full-year 2025 results on Jan. 29, with a management call and press conference scheduled for later that morning. (SAP)
Wells Fargo analysts, led by Michael Turrin, surveyed 100 enterprise IT executives and found steady demand for cloud services alongside a growing focus on generative AI — the technology that generates text, images, or code. They singled out SAP as their “top platform pick for 2026.” According to the note, cloud spending is climbing “by roughly 5%,” outpacing overall IT budgets, which are “closer to 2%.” (TipRanks)
A separate summary on the same topic highlighted that artificial intelligence will continue to lead software performance into 2026, with spending moving toward infrastructure, major platforms, and tools for building AI systems. It specifically mentioned SAP alongside Oracle. (SwingTradeBot)
In Frankfurt on Friday, SAP shares fluctuated between 206.00 and 214.25 euros before closing at 212.35. The stock hovered close to a key resistance near 215 euros, while the 200-euro mark remains a nearby support level. Its 52-week trading range stretches from 199.60 to 283.50 euros, per Investing.
The broader mood lent support. Germany’s DE40 index gained 0.53% on Jan. 9, as investors leaned into risk despite staying cautious about rates and inflation data. (Trading Economics)
During U.S. trading, SAP’s ADRs climbed to $247.11, marking a roughly 2.6% increase from the previous close, after briefly reaching $248.51 earlier in the session.
SAP’s results on Jan. 29 will refocus attention on core metrics: cloud revenue growth, customer migration speed, operating margin, and free cash flow. Investors are keen to hear how much of the current AI buzz actually translates into billable products rather than just pilot projects.
But the scenario cuts both ways. Should corporate tech budgets shrink or clients delay large enterprise-resource-planning (ERP) projects — software essential for finance, HR, and supply chains — SAP’s cloud growth could slow sharply. A fresh rise in bond yields would also put software valuations under pressure.
Investors are expected to focus on macroeconomic and interest rate signals ahead of SAP’s earnings. The U.S. consumer price index for December 2025 drops Jan. 13, followed by euro-area inflation data on Jan. 19. The ECB’s next policy meeting is scheduled for early February. SAP’s next major event is its earnings report on Jan. 29. (Bureau of Labor Statistics)
