FRANKFURT (dpa-AFX) - Following a positive analyst report, SAP shares reached another record high of 165.94 euros on Friday. The old high is only three days old, when the software group also broke the 200 billion euro mark in terms of market capitalization.

In the late morning, Walldorf shares were up 2.1 percent at 165.74 euros, making them one of the top stocks on the DAX. Their winning streak in the current year already amounts to almost 19 percent, making them the leader in the DAX.

The analyst firm Jefferies had previously upgraded SAP shares from "Hold" to "Buy" and raised the target price from 135 to 190 euros. Analyst Charles Brennan assumes a higher growth dynamic at the level of leading US competitors such as Salesforce, Adobe or Intuit. In this case, there would no longer be an upper limit to the valuation in the short term, according to the expert.

The continuing momentum of the cloud business means that the software group can now expect credible annual growth of 10 to 12 percent compared to the previous range of 8 to 10 percent, Brennan wrote. The valuation of Walldorf based on the free cash inflow leads to the higher price target and supports his buy recommendation, he said./edh/tih/jha/