大行评级|高盛:上调微软目标价至480美元 重申“买入”评级

格隆汇
04 May

高盛发表报告表示,重申对微软“买入”评级,目标价由450美元上调至480美元,基于2025财年第三财季所有关键指标均表现出色。该行对微软在捕捉人工智能(AI)市场份额并在其核心业务上执行的能力越来越有信心。该行认为,微软Azure云业务的非AI工作负载仍有改进空间,因微软正进行微调,且对AI就绪基建的需求推动云迁移增加。Azure的AI工作负载方面,该行料AI收入增长在2026财年前仍可保持高位。

该行维持对微软2026财年资本支出按年升21%的预估,反映微软需继续投资于长期资产以满足高需求。该行指出,由于长期投资仍处于高位,短期资本支出增长或仍将超过云业务增长。

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