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STOCKS NEWS EUROPE-SAP shares rise on Citi upgrade to 'buy'

Reuters - UK Focus

Shares in German business software maker SAP (NYSE: SAP - news) rise 1.4 percent, which traders says is due to an upgrade of the stock by Citi to "buy" from "neutral" on the back of an expected recovery in the company's German business.

"Numbers look bottomed to us and inputs suggest key German market is improving," Citi analyst Walter Pritchard writes in a client note, adding that the shares have meaningfully underperformed all relevant indices and stand at their lowest relative valuation in 4 years.

The shares are the second-biggest gainer in Europe's technology index .

SAP shares have lost 11 percent so far this year and are up 6 percent from their 52-week low of 57.87 euros which they hit in October. The European technology index has lost 4 percent so far this year.

Reuters messaging rm://harro.tenwolde.thomsonreuters.com@reuters.net