SAP SE shares in Europe plunged the most since late 2020, as Wall Street analysts told clients the enterprise software company's 2026 guidance appeared underwhelming relative to elevated expectations. The 25% growth in the current cloud backlog on a constant-currency basis was not enough to spark investor enthusiasm. As a result, shares in Frankfurt plunged 11% to 174.88 - the largest intraday decline since Oct. 26, 2020. Klein told investors during third-quarter earnings in October that 25% growth would be viewed as a "disappointment." SAP (not good enough and not sure call will have done enough to quell CCB debate esp.