Microsoft’s target price increased at Wedbush on cloud strength – The Madison Leader Gazette
The target price on Microsoft (MSFT) – Get a report Friday was lifted by Wedbush analyst Daniel Ives, based largely on the strength of his Azure cloud service.
He raised the target from $ 325 to $ 350, affirming his outperformance rating.
“Our recent… September checks for Microsoft have again shown incremental strength, as the Azure cloud growth story reaches its next growth rate,” he said.
“We are seeing transaction sizes continue to grow dramatically, as enterprise-wide digital transformation changes accelerate, with CIOs all focusing on preparing their respective companies for a cloud-based architecture.
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“We believe [Wall] Street’s take on moderating cloud growth on the other side of this 18-month home work cycle runs counter to the business activity MSFT sees on the ground.
In addition to Azure, “we also believe that the Office 365 price increase for 2022 was a smart strategic poker move that could represent another more than $ 5 billion tailwind for Microsoft in 2022, giving more confident that the numbers could continue to rise in the future. “
Microsoft’s stock recently traded around $ 296.66.
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Last month, the Redmond, Wash., Company posted fourth-quarter earnings and sales that exceeded expectations, prompting positive feedback from analysts.
JP Morgan analyst Mark Murphy raised his price target to $ 310 from $ 300 and maintained his rating on the overweight stock.
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