Microsoft price target raised to $489 from $465 at Bernstein

Bernstein analyst Mark Moerdler raised the firm’s price target on Microsoft to $489 from $465 and keeps an Outperform rating on the shares. Microsoft delivered a solid quarter, beating on all major metrics including Azure growth, and guided positively for Q4, the analyst tells investors in a research note. The firm says the company’s early success of artificial intelligence can be seen in the numerous stats highlighted on the earnings call.