Microsoft price target raised to $640 from $625 at Evercore ISI

Evercore ISI raised the firm’s price target on Microsoft (MSFT) to $640 from $625 and keeps an Outperform rating on the shares. The quarter “was a treat,” showcasing strong demand for Azure and cloud services, the analyst tells investors. While shares dipped slightly post-earnings, this is “more about whisper expectations than performance” as Azure’s growth at 39% in a capacity-constrained environment is “impressive” and fiscal Q2 guidance for 37% constant currency growth “suggests this momentum can continue,” the analyst added.