Oppenheimer raised the firm’s price target on Microsoft (MSFT) to $630 from $600 and keeps an Outperform rating on the shares. The firm notes Microsoft reported an excellent Q4 that exceeded investors’ high expectations. Q4 was marked by 39% Azure and other Cloud Services revenue growth and signs of business acceleration. In addition, the growth outperformance flowed through to record earnings and free cash flow, Oppenheimer adds. The firm says the business acceleration and Azure growth inflection this quarter lend support to its thesis that Microsoft is most leveraged in software to the next waves of application modernization and expansion, and capable of delivering a Rule of 60+ business profile at an unprecedented scale.
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