Microsoft price target raised to $415 from $392 at Stifel

Stifel analyst Brad Reback raised the firm’s price target on Microsoft (MSFT) to $415 from $392 and keeps a Hold rating on the shares. Microsoft posted “a clean-print” highlighted by about 100 basis points of Azure upside in what the firm calls “a solid rebound.” Given the Azure acceleration commentary and double-digit operating income growth guidance, the firm “would have expected more positive follow through,” but it adds that investors may “remain skittish” with capex growth greater than twice commercial-cloud growth.