Microsoft price target raised to $316 from $270 at KeyBanc

KeyBanc analyst Michael Turits raised the firm’s price target on Microsoft (MSFT) to $316 from $270 and keeps an Overweight rating on the shares after surveying over 100 SMBs in Jan/Feb expressing an optimistic 3% 2023 tech spend growth outlook. However, given heightened macro uncertainty, the firm would interpret the results with an air of caution. Survey results show SMB public cloud usage about evenly split Azure, AWS (AMZN), and Google (GOOGL). Microsoft is the survey leader in UCaaS, expense management, file management, #2 for video conferencing behind Zoom (ZM), KeyBanc adds.