CORRECTED: SAP "underperform"

01/16/07 - Cowen & Co

Correction: In the story headlined 'SAP "underperform"' please read the name of the investment bank as Cowen & Co. A corrected version of the story follows:

NEW YORK, January 16 (newratings.com) - Analyst Peter Goldmacher of Cowen & Co maintains his "underperform" rating on SAP AG (SAP).

In a research note published yesterday, the analyst mentions that while the company has pre-announced its 4Q revenues short of expectations, its EPS is ahead of expectations on account of an extraordinary tax benefit. SAP’s disappointing preliminary results indicate the company’s weakening competitive position, the analyst says. The company’s stock is expected to be under pressure in the near term, Cowen & Co adds.