SAP downgraded to Market Perform amid weak CRB growth and slowing enterprise software demand.

Citizens downgraded SAP SE to Market Perform due to a slowdown in CRB growth, the weakest in nine quarters, signaling broader economic headwinds. While SAP maintains stable revenue and profitability, weakening demand for enterprise software and reduced economic momentum have raised concerns about near-term performance, particularly in North America and Europe. Despite ongoing investments in cloud and AI, analysts now emphasize macroeconomic risks over company-specific strengths, prompting a more cautious outlook.