As previously reported, Oppenheimer upgraded Microsoft (MSFT) to Outperform from Perform with a $600 price target.
The firm believes investors’ attention on the ramp of Microsoft’s AI revenue stream will only increase as Azure’s growth remains strong, offering not only valuation support but also upside potential as this revenue stream continues scaling fast and investors embrace Microsoft as one of the long-term AI winners in software.
Oppenheimer further believes that sustaining robust growth in its AI business is not fully in the stock, nor is it a re-acceleration in Azure’s growth in FY26.
Microsoft is also one of only a few vendors in the software industry capable of delivering a Rule of 60 business profile and at unprecedented scale, which the firm thinks lends good support to premium multiples.
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