Microsoft price target raised to $485 from $475 at Evercore ISI

Evercore ISI analyst Kirk Materne raised the firm’s price target on Microsoft to $485 from $475 and keeps an Outperform rating on the shares following an “outstanding” fiscal Q3 that was highlighted by an acceleration in Azure growth and Cloud bookings. The firm believes Microsoft remains in a very strong position heading into the remainder of calendar year 2024 and believes that O365 Copilot will start to more materially influence O365 Commercial ARPU and Azure remains in a strong position to continue to gain share in the back half of the year, the analyst tells investors.