Microsoft price target lowered to $500 from $510 at Mizuho

Mizuho lowered the firm’s price target on Microsoft (MSFT) to $500 from $510 and keeps an Outperform rating on the shares. The company reported a “decent” fiscal Q2 but Azure revenue growth of 31% year-over-year was at the low end of management’ guided range as Microsoft’ non-artificial intelligence go-to-market execution was subpar, the analyst tells investors in a research note. Meanwhile, the company’s Q3 revenue guidance was below Street expectations due to a $1B currency headwind, adds Mizuho. Despite the disappointment, the firm remains confident that Microsoft’s revenue growth opportunities over the medium-term and beyond are greater than many realize.