10:58 AM EDT, 04/27/2026 (MT Newswires) -- SAP (SAP.F) posted a strong set of first-quarter results that offered some relief to concerns over the impact of the Iran war on the broader software sector, Berenberg said Monday.

The research firm added that the report was better than market expectations and that the closely watched current cloud backlog growth was stable.

"However, as SAP's management team communicated on the earnings call, the company will not be immune to potential macro impacts if the conflict becomes prolonged. Nonetheless, for now, in our base case, we assume near-term resolution of the conflict, and as such, we think that the business impact, particularly on 2026 numbers, will be largely contained,"the research firm said. "We have modestly reduced our near-term growth outlook to reflect some impact from the conflict, but this reduction is largely offset by a less-than-previously expected negative currency impact and the Reltio acquisition."

Berenberg's rating on the German stock was kept at buy, while the price target was slashed to 215 euros from 250 euros.