Microsoft price target raised to $585 from $515 at BofA

BofA raised the firm’s price target on Microsoft (MSFT) to $585 from $515 and keeps a Buy rating on the shares. Following a round of Microsoft partner checks ahead of fiscal Q4 results due on July 30, the firm says that commentary suggests largely in line Q4 deal activity, consistent with Q3, and adds that partners say Azure strength was driven by steady cloud migrations and strength in security and data analytics. BofA sees potential for Azure growth of 35.5% year-over-year in constant currency, the analyst noted.