Microsoft price target lowered to $275 from $290 at Stifel

Stifel analyst Brad Reback lowered the firm’s price target on Microsoft to $275 from $290 and keeps a Buy rating on the shares. Azure’s 38% year-over-year constant currency growth was "modestly-better" than management’s 37% guidance, but the Azure forecast of 26% reported growth and 30% in constant currency growth for fiscal Q3 fell short of expectations, the firm tells investors. The report, guidance and commentary "will not do much to clarify the key debate" about where Azure’s growth rate stabilizes, said Stifel, which is now forecasting future Azure growth of mid-to-low 20% "in an effort to effectively reset our model."