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STOCKS NEWS EUROPE-SAP seen higher as UBS raises to "buy"

Reuters - UK Focus

Shares in SAP AG (NYSE: SAP - news) are indicated 2.2 percent higher as the top gainer on Germany's benchmark Dax index after traders point to a note by UBS (Xetra: UB0BL6 - news) , in which the brokerage upgrades the stock to "buy" from "neutral".

"There are clearly execution risks in the near term as SAP transitions to the 'Cloudfirst' sales model, but given the good sales execution already being shown in the cloud, we believe SAP is well-equipped to deliver on it," UBS writes in a note.

Shares in SAP have increased by 2.5 percent in 2013, underperforming a 25 percent rise in the Dax during the same period.

Reuters messaging rm://christoph.steitz.thomsonreuters.com@reuters.net