Is SAP still worth buying after its recent rebound, or has the easy money already been made?

Hey everyone,

I’ve been looking into enterprise software recently and noticed SAP had a significant pullback from its previous highs before rebounding strongly following its recent earnings/cloud growth reports.

Before jumping in at current price levels, I’m trying to weigh the bull vs. bear case and would love to hear how this sub views SAP right now.

**Bull Case:** High Moat & Enterprise Stickiness: Core ERP systems are notoriously painful for large enterprises to migrate away from, giving SAP a deeply entrenched position.

**Bear Case:** I am myself in consulting - I know clients are walking a cautious path with large scale ERP transformation program and spending is more focused on AI use cases for business.

Are you buying/holding SAP at current levels, or waiting for another pullback?