BNP Paribas analyst Stefan Slowinski lowered the firm’s price target on Microsoft (MSFT) to $556 from $659 and keeps an Outperform rating on the shares ahead of the company’s fiscal Q3 report due after market close on April 29. The firm adjusted its estimates to factor in 40% of incremental capacity being allocated to first-party workloads and higher cash capex, while also lowering its multiple to account for a broader software de-rating.
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