UBS upgraded Microsoft to Buy from Neutral with a price target of $400, up from $345. With the “steep” Azure growth deceleration now poised to moderate, artificial intelligence catalysts ahead and the recent stock underperformance, a more positive stance on Microsoft seems warranted, the analyst tells investors in a research note. The firm cites cloud stabilization and AI catalysts for the upgrade. UBS’s latest round of checks on Azure “suggest the backdrop remains tough but is no longer deteriorating – the worst may be behind us,” the analyst tells investors in a research note.
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