0819 GMT - SAP's slower-than-expected rollout of agentic AI is limiting monetization opportunities and removing a potential catalyst to boost the stock, UBS analysts write in a note to clients. They downgrade their rating on the German business-software group's stock to neutral from buy. "The lack of progress in delivering its own AI innovation into customers' hands is disappointing," the analysts say. While earnings growth should remain healthy through 2028, they say a deceleration in SAP's cloud backlog growth in the second half of 2026 is highly likely and would hold back the stock. SAP shares trade 3.8% lower at 178.36 euros.