Wells Fargo raised the firm’s price target on Microsoft (MSFT) to $425 from $410 and keeps an Overweight rating on the shares post Q1 results. Wells sees a favorable catalyst path still ahead, including updates at this week’s Ignite conference plus future evidence of Copilot monetization. The firm is anticipating a series of AI related product announcements — 100-plus expected — to come from Ignite, Microsoft’s annual IT conference. Most prominently is the company’s suggested efforts around building AI chips, “Project Athena,” which could reduce reliance on Nvidia (NVDA) for GPU capacity and potentially unlock further margin opportunity long-term, Wells adds.
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