UBS confirms its Buy recommendation on the stock, with a price target of E 168, representing a 21% increase on the current price.

The analyst believes that everything is set for another good year in 2024.

We forecast Cloud growth of 23% to 26%, or even 24% to 27%, and Cloud and software growth of 10% to 12% in 2024. The UBS Evidence Lab survey is reassuring, says UBS in today's study.

The German group has maintained its full-year operating income forecast of between €8.65 and €8.95 billion, up 8% to 12% at constant exchange rates.

Cloud sales are still expected to come in at between 14 and 14.2 billion euros, corresponding to growth of 23% to 24% at constant exchange rates.

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