SMBC Nikko analyst Steve Koenig initiated coverage of Microsoft Corp. with an Outperform rating and $410 price target.
The price target implies an upside of 28 percent. Microsoft is successfully transitioning its customers to the cloud.
Koenig said that Microsoft is “well-positioned at the center of the big secular trends in software” and is primed to capitalize on IT spending priorities.
Given Azure’s continued momentum, Koenig sees the Microsoft cloud unit being “within spitting distance of AWS for public cloud market leadership by 2025.”
By Anusuya Lahiri
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