BMO Capital analyst Keith Bachman raised the firm’s price target on Microsoft to $500 from $465 and keeps an Outperform rating on the shares after hosting two cloud expert calls. The firm thought the calls were generally bullish on cloud demand. Cloud spend going into the second half of 2024 appears solid, and both experts were positive on early expectations for 2025, the analyst tells investors in a research note. For Microsoft, it projects 31% year-over-year Azure growth for the June quarter, and envisions modest upside potential to the estimate. Given its confidence in Microsoft “maintaining durable growth,” BMO raised its price target and maintains a top pick designation for the shares.
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