Software giant Microsoft Corporation reported late Tuesday forecast-beating results for its fiscal-year third quarter, and the stock reacted with a move to the upside.
The Microsoft Analyst
Piper Sandler analyst Brent Bracelin reiterated an Overweight rating and $352 price target for Microsoft shares.
The Microsoft Thesis
Microsoft’s Cloud segment climbed 32 percent year-over-year to $23 billion in the March quarter, defying the fluid and dynamic economic conditions, analyst Bracelin said in a note. Azure, the company’s public cloud computing platform, saw revenue growth accelerating from 46 percent in the previous quarter to 49 percent, the analyst noted.
Azure’s adoption and consumption, the analyst said, remained strong in the quarter.
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