UPDATE: Deutsche Bank Maintains Buy on SAP as Cloud Vending and Mobile Technology Heats Up

In a report published Thursday, Deutsche Bank maintained its Buy rating and $70 price target on SAP

as sales and growth in cloud and mobile applications heat up. Deutsche Bank reported that, “At SAP's CeBIT investor event earlier this week, management reiterated confidence in the major growth drivers of cloud, HANA and Mobile. We believe SAP continues to see strong demand momentum with management indicating it is hosting twice the customer meetings at CeBIT this year vs. 2012. In cloud, SAP has become a credible player able to compete with best-of-breed pure play vendors and still at an early stage with a modest ~5% penetration rate of its customer base so far. Management remained upbeat about HANA's growth prospects, helped by the anticipated Q3 release of the Business Suite on HANA. We provide more detailed notes from the event overleaf." Shares of SAP closed at $52.58 on Wednesday.