SAP stock slumped on Wednesday, making it the worst-performing large-cap European stock, after a UBS analyst criticized the German database giant’s slow rollout of artificial-intelligence-based tools.

US-listed SAP shares fell 4% in premarket trading, as UBS downgraded the stock to neutral from buy and even as it raised its price target to 201 euros from 164 euros.

Analysts led by Michael Briest said SAP’s actual AI deliverables remain “quite some way” behind the ambitions laid out at the company’s Sapphire conference, with just 17 out-of-the-box agents now available and fewer than 20 in the ramp-up stage.

In addition, the analysts flag a likely deceleration in constant-currency backlog growth, estimating SAP will end the year at 24% organic growth versus the 26% figure from June.

The analysts also see limited upside potential in free cash flow.