Microsoft price target raised to $700 from $675 at Wells Fargo

Wells Fargo raised the firm’s price target on Microsoft (MSFT) to $700 from $675 and keeps an Overweight rating on the shares following quarterly results. While perhaps delayed gratification, the firm believes another material capex raise plus another RPO/bookings spike show real signal that demand is accelerating, underscoring the company’s durable growth and series of favorable long-term tailwinds still ahead.