金吾财讯 | 知名投资银行派杰（Piper Sandler）发布研报，重申对微软（MSFT）的“增持”评级，并将目标价由550美元大幅上调至610美元。派杰分析师比利·菲茨西蒙斯指出，微软Copilot应用的快速迭代以及全新M365 Commercial E7套餐的推出，将共同驱动公司业绩迎来新一轮强劲增长。报告分析称，在微软估算拥有的4.6亿个商业用户席位中，约有1.18亿个使用了高端E3/E5/E7服务。若按12%至13%的E5渗透率计算，其年度经常性收入（ARR）已达270亿美元。而新推出的E7套餐定价为每月每用户99美元（整合了E5、Copilot、Entra365与Agent365），每当有10%的用户迁移至E7套餐，就将为微软带来约20亿美元的增量收入。此外，随着微软近期对Copilot进行重大更新（涵盖Home协作中心、基于GitHub技术的Code功能、个人AI代理Autopilot及AI财务运营FinOps等），Copilot年化收入“有望”在2028财年达到20亿美元。
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