BMO Capital raised the firm’s price target on Microsoft (MSFT) to $485 from $470 and keeps an Outperform rating on the shares. The company delivered much better Azure growth than the firm projected for the March quarter with 35% y/y constant-currency growth while the management guided Azure revenues to up 34%-35% for the June quarter, which is ahead of consensus estimates of approximately 32% y/y, the analyst tells investors in a research note. Strength is being driven by both AI and legacy workloads, BMO added.
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