Analyst Shows Concern Related to Consensus Estimates for SAP's Q2, Says Co. Could Miss

Traders in SAP SAP are attributing weakness in the stock to some negative comments from an analyst at HSBC. The comments come ahead of SAP's Q2 report later this month. The stock flirted with the $72 level for a large portion of Monday morning's session. Upon breaching this level, downside intensified. SAP shares are currently down 2 percent to around $71.36. Citing seasonality of new license sales, the HSBC analyst believes other analysts are too aggressive on SAP estimates. That being said, the analyst called SAP's valuation multiples low and said the second quarter could be a good spot to begin a long position.