招银国际发表研究报告指，微软截至6月底止第四财季营收达到764亿美元，按年增长18.1%，较该行及市场共识预估分别高出3.6%及3.5%，三大业务部门全面超出预期；净利润按年增长23.6%，达到272亿美元，受益于各业务营运效率提升，较该行预期及市场共识分别高出9%及8%。受大型客户推动核心基础设施业务加速增长，Azure及其他云服务收入于第四财季按年增长39%，优于先前指引的34%至35%。 该行将微软2026年至2027年营收及营业利润预测分别上调2%至4%，以及3%，以反映云服务及生产力与业务流程(PBP)业务收入的超预期增长。基于盈利增长潜力及现金流生成能力的提升，该行将现金流折现法(DCF)目标价上调18%，从510.3美元上调至601.5美元，对应预测2026及2027财年市盈率分别为38.8倍及33.6倍，维持“买入”评级。
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