Piper Sandler raised the firm’s price target on Microsoft (MSFT) to $475 from $435 and keeps an Overweight rating on the shares. The firm notes that better-than-feared results and acceleration in Azure contributed to a 7% after-hours relief rally in the shares. Azure growth surprisingly accelerated to 35% cc on a combination of non-AI outperformance and continued AI momentum. Piper says its forecast revisions on downstream impact to policy and tariff changes last week appear too aggressive.
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