Microsoft (MSFT)

Jul 17, 2023Trade Ideas

If Microsoft (MSFT) can break above double top resistance around $351.47, it could race to higher highs. All thanks to the cloud, artificial intelligence, and a new buy rating from UBS.

In fact, analyst Karl Keirstead upgraded MSFT to a buy rating from a neutral rating, boosting his price target to $400 from $395. The analyst noted, “Our latest round of checks suggests the backdrop remains tough but is no longer deteriorating – the worst may be behind us,” Keirstead said of the cloud environment, citing that some partners said new bookings were “slowly recovering,” as quoted by Seeking Alpha. “Net, we raise our Azure estimates for 4Q/Jun and beyond.” 

He also says MSFT has benefited from AI, and could reap more rewards “with Azure’s revenue growth rate rising from more AI workloads and the pending Microsoft 365 Copilot monetization announcement, which could be as much as $10 to $15 per seat.”

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