- The stock price of Microsoft Corporation (NASDAQ: MSFT) has received a target increase from $229 to $272 by Citi. These are the details.
The stock price of Microsoft Corporation (NASDAQ: MSFT) has received a target increase from $229 to $272 by Citi. And Citi analyst Walter Pritchard upgraded Microsoft from “Neutral” to “Buy.”
Pritchard pointed out that the “relatively slow-moving enterprise IT” is likely going to accelerate digitization trends and cloud adoption – which would favor Microsoft Azure over its rivals. Plus an increased reliance on digital technologies will likely drive further adoption of Office 365. So Pritchard is expecting these strengths to drive share outperformance in 2021.
Pritchard also noted that Microsoft performed largely in-line with its rivals this year. And Microsoft’s year-over-year growth kept pace with its peers while the multiple “has lagged.”
Citi is not the only brokerage to increase its target price for Microsoft. Morgan Stanley also increased its price target from $249 to $260. Morgan Stanley analyst Keith Weiss also kept an Overweight rating on the company shares.
Disclosure: I have a small MSFT position in my portfolio.