Microsoft price target raised to $290 from $280 at Wedbush

Wedbush analyst Daniel Ives raised the firm’s price target on Microsoft to $290 from $280 and keeps an Outperform rating on the shares following more positive recent cloud checks. The analyst noted that, midway through the quarter, they are "seeing steady cloud enterprise spending for Microsoft that has stabilized from the softness we saw in the month of December." Wedbush added that Microsoft, along with cloud competitors such as Amazon (AMZN), Google (GOOG), Oracle (ORCL), and IBM (IBM), are "seeing a surge of Beltway cloud deal activity in 2023 with a major shift to cloud underway from the Pentagon to civil agencies in the 202 area code."