Microsoft price target raised to $550 from $475 at Jefferies

Jefferies raised the firm’s price target on Microsoft (MSFT) to $550 from $475 and keeps a Buy rating on the shares after the company delivered “a strong beat across the board” in fiscal Q3 and guided Q4 total revenue two points ahead of consensus for the firm notes was the first time in six quarters. Azure growth of 35% year-over-year in constant currency was three points above the high end of the guidance with outperformance driven by non-AI and Q4 guidance implies just 1 point of deceleration at the low end, noted the analyst, who reiterates Microsoft as a “Top Pick.”