Bernstein raised the firm’s price target on Microsoft (MSFT) to $645 from $637 and keeps an Outperform rating on the shares. The firm notes Microsoft delivered a solid Q1, beating consensus across the board. But the real story here is that the Microsoft engine of growth is strong and getting stronger, Bernstein argues. This quarter Azure beat guidance by 2% and could have been even stronger if they only had more capacity.
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