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Microsoft ( MSFT ) demonstrated some impressive tech innovations at its Build conference this week in San Francisco, earning its stock a price target hike Friday from investment bank Cowen. Cowen analyst Gregg Moskowitz raised his price target on Microsoft stock to 59 from 57, but maintained his market perform rating based on valuation. Microsoft was down a fraction near 55 in early afternoon trading on the stock market today . “The level of innovation on display (at Build) was impressive, and updated metrics showed good progress,” Moskowitz said. “Still, at this valuation, significant further multiple expansion continues to look challenging to us.” The technology shown at the three-day Build conference, which ends Friday, is unlikely to have an impact on the company near term, he said. “Even by the standards of developer conferences, we found this year’s Build to be particularly forward-focused, with a slew of previews and (software development kits) made available for innovative new products and services, such as HoloLens, chat bots, and voice/image recognition AI,” Moskowitz said. “While there was little on display this week that is likely to have a meaningful impact on Microsoft’s financials in the near term, investors can take heart that the company under (CEO) Satya Nadella’s leadership has become a genuine thought leader, with the potential to create new platform categories around its fast growing Azure cloud. Thus, we came away from the event feeling incrementally more positive about the company’s future.” On Wednesday, Microsoft announced that its Windows 10 operating system is now on 270 million devices worldwide, up from 200 million at the end of January. Microsoft wants the OS to be on 1 billion devices by its fiscal 2018. The Redmond, Wash.-based company also said its Azure cloud computing platform now has 30 data center locations globally, up from 19 last year. Cowen’s report follows bullish notes on Microsoft Wednesday and Thursday from Pacific Crest Securities, RBC Capital Markets and Raymond James. Scalper1 News
Scalper1 News