Evercore ISI raised the firm’s price target on Microsoft (MSFT) to $432 from $400 and keeps an Outperform rating on the shares. The firm, which is introducing calendar year 2025 estimates, says its favorite names into calendar 2024 in mega-cap software include Microsoft, Adobe (ADBE), Oracle (ORCL) and ServiceNow (NOW) as core “compounders.” AI should have a positive impact on IT spending in 2024 according to the firm’s survey work and Evercore believes Microsoft and Adobe “have the most direct way to monetize Gen AI,” the analyst added.
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