Piper Sandler analyst Brent Bracelin raised the firm’s price target on Microsoft (MSFT) to $600 from $475 and keeps an Overweight rating on the shares on IaaS share gain momentum. The firm notes that its latest CIO survey reinforced a bullish spending backdrop for AI infrastructure while elevating risks to the broader application category. Azure spending intentions surpassed 80% for the first time, retaining the top role as the cloud and AI infrastructure platform of choice, Piper says. Net spend intentions increased for four straight surveys to 81% from 77%, 66%, and 60%, respectively.
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