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SAP SE's (NYSE: SAP) recently upgraded appliance that enables access to its service via mobile devices could be a growth driver, but evidence is so far sketchy, an analyst said Thursday.
Jefferies' John DiFucci launched coverage on the company with a Hold rating and $45.44 target. SAP's American depositary shares closed Thursday at $68.62 and are off more than 21 percent year-to-date.
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SAP's high-performance analytic appliance, called HANA, is the company's "key enabler of success," DiFucci said.
Although the first versions of the product became available in 2010, DiFucci said it's "prudent to wait for more evidence" of apps for the appliance "before becoming constructive" on the stock.
Sap unveiled the HANA Enterprise Cloud service about 18 months ago and DiFucci said the product's ability to help companies take advantage of cloud computing could power growth for SAP.
Sap released an upgrade to HANA last month aimed at refining its data storage system and lowering costs.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.