Morgan Stanley analyst Keith Weiss notes that the firm’s Q2 CIO Survey suggests a modest uptick in IT budget growth at 3.5% year-over-year and Software spending intentions at 3.6% year-over-year in 2024, adding that Microsoft’s lead in terms of core spending intentions and positioning in GenAI is “improving more meaningfully.” With Microsoft having “further solidified its positioning,” the firm says the CIO survey reaffirms its view with initial M365 Copilot adoption data points leaving upside to estimates. Morgan Stanley maintains an Overweight rating and $520 price target on Microsoft shares.
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