Nomura Equity Research‘s Rick Sherlund this afternoon writes in a note to clients that he has learned that German software giant SAP AG (SAP) has lost its head of North American operations, Bob Courteau, who departed for unknown reasons.
Sherlund thinks Courteau’s departure may be for new opportunities, or for persona reason. I actually have a call in to the company to see if I might glean anything.
Sherlund writes that the company has had “strong performance” in the Americas, and it’s unlikely Courteau’s departure is related to any kind of slip-up in that performance, in his opinion.
SAP’s “SSRS” revenue, he writes, rose 20% in 2011 in the Americas region, better than the company’s consolidated revenue growth of 20%, he observes.
Hence, Sherlund reiterates a Buy rating on the shares and a �58 price target. SAP shares today declined roughly 2% to �51.25.
Update: SAP has confirmed that Courteau announced his departure internally this week, though the company would not elaborate on the reasons or circumstances.
Fin
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