SAP's (SAP) guidance in Q1 assumes stable macro conditions and favorable tariff outcomes, which could be overly "optimistic," Oppenheimer said in a note emailed Wednesday.

The company reported Q1 non-IFRS earnings late Tuesday of 1.44 euros ($1.65) per basic share, up from 0.811 euros a year earlier, while revenue rose to 9.01 billion euros from 8.04 billion euros.

According to Oppenheimer, SAP posted strong Q1 results with solid profit trends, with the company seeing a 12% year-over-year revenue growth driven by solid cost management, a significant free cash flow beat, and share repurchases during the April market selloff.

Furthermore, transactional revenue declined in Q1, reversing from the previous quarter, possibly signaling a weakening macroeconomic environment, the report said.

"SAP should prove more resilient to the macro pressures than other software suppliers since it sells business cost optimization solutions, a priority during economic dislocations, and its main growth driver is migrating and upselling its installed base," Oppenheimer said.

Oppenheimer maintained a perform rating on SAP.

Shares of the company were up more than 8% in recent Wednesday trading.

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