DA Davidson upgraded Microsoft (MSFT) to Buy from Neutral with a price target of $450, up from $425, as the firm believes the company has moved to a more rational capex strategy and is “the best positioned Mag6 for a slowing consumer.” Microsoft has been the worse performing Mag6 member in the six months since the firm’s previous downgrade, notes the analyst, who believes that shares now “properly reflect” the drag from previous capital expenditure escalation since the company has provided guidance for flat sequential capex over the next couple of quarters and lower growth into FY26.
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