Citi raised the firm’s price target on Microsoft to $430 from $420 and keeps a Buy rating on the shares. Ahead of the September quarter earnings report, Microsoft remains the analyst’s top mega-cap pick. It sees the company accelerating total revenue and profitability helped by stabilizing IT budget trends and new ramping generative artificial intelligence revenue streams. Citi’s reseller survey saw a slight downtick in quota achievement, but the set-up post the September quarter “gets more compelling with eyes” on Azure growth potentially accelerating, the analyst tells investors in a research note.
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