UPDATE: Jefferies Lowers PT on SAP AG Following 1Q13 Results Conference Call

In a report published Monday, Jefferies analyst Ross MacMillan reiterated a Hold rating on SAP AG SAP, but lowered the price target from $82.00 to $78.00. In the report, MacMillan noted, “Following SAP's 1Q13 results conference call and a re-visit to our forecasts, core License growth must accelerate in 2H for SAP to reach unchanged FY13 guidance. Given the tough comps in 2Q and 3Q, we think the year's growth will prove back-end loaded. GA of Business Suite on HANA makes such an acceleration feasible, but execution risks exist.” SAP AG closed on Friday at $75.11.