Stifel raised the firm’s price target on Microsoft to $550 from $500 and keeps a Buy rating on the shares. Healthy results from Google Cloud (GOOGL) and ServiceNow (NOW) last week and “strong checks” point to a quarter-over-quarter acceleration in the enterprise spending environment, which the firm sees enabling Microsoft’s (MSFT) Azure to post about 100-200 basis points of upside to the company’s 34%-35% year-over-year constant currency growth guidance, the analyst tells investors in a preview. The firm expects Azure growth to remain in the mid-30% range in coming quarters, the analyst added.
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