Microsoft price target raised to $515 from $500 at Wells Fargo

Wells Fargo raised the firm’s price target on Microsoft to $515 from $500 and keeps an Overweight rating on the shares. The firm notes Q4 results touch below expects given less Azure/AI upside and sizable increase in cloud COGS/capex. However, concerns were more than offset by surprise comments around the second half of the year Azure re-acceleration, Wells adds. The firm is a buyer on any near-term weakness and does not expect shares to stay down.