Microsoft price target lowered to $270 from $280 at Raymond James

Raymond James analyst Andrew Marok lowered the firm’s price target on Microsoft to $270 from $280 and keeps an Outperform rating on the shares. Microsoft’s Q2 results were "solid," but guidance for Q3 was below expectations, particularly in the More Personal Computing segment, the analyst tells investors in a research note. The firm continues to see Microsoft as a long-term winner and one of the more defensive names under coverage given its substantial scale benefits.