Microsoft (MSFT) reported a broad-based beat on both fiscal Q3 revenue and earnings, alleviating investor concerns in a dynamic tech environment, Deutsche Bank Research said in a note on Thursday.
The firm noted that Azure cloud services grew 35% year-over-year in constant currency, with AI Services contributing 16 percentage points to growth, driven by faster-than-expected capacity availability.
While AI was a key driver, the "non-AI" Azure business also outperformed, indicating robust demand across both emerging technologies and traditional cloud offerings, Deutsche Bank added.
Deutsche Bank has a buy rating on Microsoft's stock with a price target of $475.
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