Stifel raised the firm’s price target on Microsoft (MSFT) to $430 from $390 and keeps a Buy rating on the shares ahead of the company’s upcoming quarterly report. Stabilizing November/December consumption commentary from Elastic (ESTC), MongoDB (MDB) and Snowflake (SNOW), sustained AI infrastructure momentum, and ramping new workload activity all point to a more consistent consumption growth environment, leading the firm to believe Azure should post 1-2% points of upside to management’s guidance, the analyst tells investors in a preview note. Beyond Azure, the firm expects 16% year-over-year constant currency Commercial O365 growth on continued selling price uplift that appears sustainable given the combination of E5 momentum and emerging O365 Copilot adoption, the analyst added.
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