Core Viewpoint - SAP SE is identified as a significant AI stock to monitor, with a maintained Buy rating despite a slight reduction in price target to EUR316.00 from EUR320.00, reflecting a structural and durable long-term growth outlook [1][3]. Group 1: Growth Drivers - SAP's growth is driven by software upgrade and infrastructure migration cycles, positioning it as a beneficiary of artificial intelligence due to its critical data ownership and monetization potential through a comprehensive AI product suite, including SAP Joule and Analytics agents [2][3]. - The company is expected to achieve approximately EUR0.5 billion in AI efficiencies and up to 30% efficiency gains in R&D, supporting operating leverage [3]. Group 2: Market Performance - SAP shares have underperformed the SX8P index by 5 percentage points since the Q2 earnings report in July, with cautious sentiment regarding short-term bookings from recent conferences [1][3]. - Despite the underperformance, SAP remains a top pick for large-cap stocks and is included in the "25 stocks for 2025" and the Europe 1 list of top investment ideas [3]. Group 3: Financial Forecasts - The firm has adjusted its forecasts for foreign exchange impacts, estimating a 50 basis points effect on 2025 revenue and a 100 basis points effect on 2026 revenue [3]. - The price objective has been revised down to EUR316 from EUR320, with the American Depositary Receipt (ADR) target adjusted to $371 from $376, maintaining a Buy rating based on a 20x 2026E EBITDA multiple for predictable growth [3].