SAP decides to go all in on cloud, share hits biggest one-day drop in 24 yrs

SAP said that it was going to shift to cloud computing business, and has decided to abandoned medium-term profitability targets. The tech giant also said that business will take longer than expected to recover from the pandemic. Investors dumped SAP shares as it opened 20% lower in Frankfurt to wipe $35 bn off its market value – biggest one-day drop in 24 yrs. JP Morgan cut its price target for SAP to 120 from 160 euros, and downgraded it to “neutral” from “overweight”. 

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