SAP up after Q2 beat, backlog growth
** Shares in SAP SAPG.DE are up 4% in early Frankfurt trade after software maker reported Q2 earnings and revenue beat and a "robust"backlog growth
** J.P.Morgan analysts point to revenue beat and about 7% non-IFRS EBIT beat
** They also note that current cloud backlog was 28%, which they say was "strong" given weakness elsewhere in the software sector
** "While some competitors indicated in their quarterly results releases more scrutiny, SAP delivered a solid set of 2Q24 results with a sequentially stable share of large cloud deals accompanied by sequentially stable cloud growth," Baader Helvea writes
** Berenberg says SAP's cloud backlog growth shows that the company's cloud migration growth tailwinds remain "healthy and robust"; hikes its PT by 13% to 220 euros
Reporting by Mateusz Dobrzyniewski
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