Microsoft price target lowered to $280 from $296 at Barclays

Barclays analyst Raimo Lenschow lowered the firm’s price target on Microsoft to $280 from $296 and keeps an Overweight rating on the shares. Valuation levels are "still interesting" for U.S. software in 2023, but estimates remain "seemingly too high" given the macro headwinds, Lenschow tells investors in a research note. As such, he believes the first half of the year will remain difficult for software, but sees "hope" for the second half "as numbers don’t seem to have significant downside."