SAP: Citi Ups to Buy, €62 Target, on End of Irrational Exuberance

[Ernie Benavente]

Shares of SAP AG (SAP) are up $1.86,or 2.5%, at $77.19, after Citigroup‘s Walter Pritchard this morning raised his rating on the shares to Buy from Neutral, and raised his price target to €62.00 from €57 on the ordinary shares (SAP) traded on Europe’s Xetra exchange, writign that Street estimates have bottomed, in his view, and year-over-year comparisons should be easier this year, while demand appears healthy based on the recent Cebit technology conference in Germany.