Bulletin
Investor Alert

London Markets Open in:

Market Pulse Archives

July 9, 2020, 7:25 a.m. EDT

Microsoft's stock set to open in record territory after Wedbush's Ives raises target to the highest on the Street

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Microsoft Corp. (MSFT)
  • X
    NASDAQ Composite Index (COMP)
  • X
    Dow Jones Industrial Average (DJIA)

or Cancel Already have a watchlist? Log In

By Tomi Kilgore

Shares of Microsoft Corp. /zigman2/quotes/207732364/composite MSFT -1.79% rose 0.8% in premarket trading, which would put the on track to open in record territory, after Wedbush analyst Dan Ives raised his price target on the software and cloud giant, citing signs of "relatively strong cloud deal activity" during the June quarter. Ives reiterated the outperform rating he's had on the stock for at least the past 21 months but raised his target to $260 from $240, making him most bullish on Microsoft of the 35 analysts surveyed by FactSet. The second most bullish is Wells Fargo's Philip Winslow with a $250 price target, according to FactSet. "In many cases we are seeing enterprises accelerate their digital transformation and cloud strategy with Microsoft by 6-to-12 months as the prospects of a heavy remote workforce for the foreseeable future now looks in the cards with this COVID-19 backdrop," Ives wrote in a note to clients. He believes Azure's cloud momentum is still in its "early days" of playing out. The stock has rallied 35.0% year to date to close Wednesday a record, while the Nasdaq Composite /zigman2/quotes/210598365/realtime COMP -0.87% has rallied 16.9% and the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.17% has lost 8.7%.

/zigman2/quotes/207732364/composite
US : U.S.: Nasdaq
$ 212.48
-3.87 -1.79%
Volume: 27.82M
Aug. 7, 2020 4:00p
P/E Ratio
36.89
Dividend Yield
0.96%
Market Cap
$1607.97 billion
Rev. per Employee
$902,473
loading...
/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
11,010.98
-97.09 -0.87%
Volume: 3.85M
Aug. 7, 2020 5:16p
loading...
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
27,433.48
+46.50 +0.17%
Volume: 324.93M
Aug. 7, 2020 5:10p
loading...

This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »
Link to MarketWatch's Slice.