Phillip Securities upgraded Microsoft (MSFT) to Buy from Accumulate with an unchanged price target of $540. The firm cites valuation for the upgrade following the stock’s recent price performance. Microsoft expects revenue growth of 16% year-over-year in fiscal Q3, driven by continued strong growth across its commercial businesses, the analyst tells investors in a research note. Phillip points that Azure is projected to grow 37%, as Microsoft continues to priorities supply amid demand exceeding capacity.
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