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Downgrade Alert for SAP (SAP)

By James Quinn

SAP (NYSE:SAP) was downgraded from Buy to Hold at Evercore ISI today. The stock closed yesterday at $81.21 on volume of 763,000 shares, below average daily volume of 1.0 million.

In the past 52 weeks, shares of SAP have traded between a low of $62.57 and a high of $81.62 and closed yesterday at $81.21, which is 30% above that low price. The 200-day and 50-day moving averages have moved 0.11% higher and 0.12% higher over the past week, respectively.

SAP AG is a multinational software company. The Company develops business software, including e-business and enterprise management software, consults on organizational usage of its applications software, and provides training services. SAP markets its products and services worldwide.

SAP (NYSE:SAP) has potential upside of 2.2% based on a current price of $81.21 and analysts' consensus price target of $83.00. The stock should discover initial support at its 50-day moving average (MA) of $78.71 and subsequent support at its 200-day MA of $75.26.

SmarTrend recommended that subscribers consider buying shares of SAP on March 11th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $78.12. Since that recommendation, shares of SAP have risen 3.8%. We continue to monitor SAP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades

Ticker(s): SAP