Microsoft price target raised to $320 from $310 at Stifel

Stifel analyst Brad Reback raised the firm’s price target on Microsoft to $320 from $310 and keeps a Buy rating on the shares. Microsoft reported fiscal Q3 results and guidance that outperformed across the board, highlighted by Azure’s better than feared usage trends, the analyst tells investors in a research note. Looking forward, management implied optimization activity should begin to abate in coming quarters as customers lap efforts started last summer, says the firm. It believes this should give investors some level of comfort Azure growth should stabilize in the low 20% range "barring a severe recession later this year."