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At least six brokerages increased their price targets on Microsoft stock after the results.
Shares of Microsoft Corp. would open Friday at a record high, following the release of another quarter, supported by the growth of its legacy software activity and Azure cloud services. Shares of one of the world's oldest and best-known names of technology rose 4% to $ 108.50 before the bell, potentially adding up to $ 32 billion to a closely-tracked market capitalization $ 802 billion Thursday.
After the results, the brokerage firms increased their price targets on the company's shares.
With the surge in demand for cloud software, Microsoft has more than doubled in value since Satya Nadella took office as CEO. While Microsoft's core unit of productivity and business processes, which includes the Office 365 software suite, grew 13.1% to $ 9.67 billion, the company's business volume Azure cloud service jumped 89%
. they were able to beat all the important parameters people were focusing on, and I do not see anything that could cause concern, "said Daniel Morgan, Portfolio Manager at Synovus Trust. holds 418,716 Microsoft shares.
Microsoft is investing heavily to support the growing cloud business and catch up with Amazon Web Services, market leader Amazon.com Inc.
It is also competing with Alphabet Inc., IBM and Alibaba. [19659003] "Our first investments in the smart cloud and smart benefits are paying off, and we will continue to expand our reach into important and growing markets through differentiated innovation," said Nadella at the # 39, a conference call Thursday
. Long-term investments and provide rich dividends to shareholders, allowing Microsoft to compete with Apple Inc. and Amazon in the race to be the first company worth $ 1 trillion.
"Our opinion on MSFT is unchanged: the stock is our" We expect that MSFT will deliver an annual price appreciation of its share of 10% to 20% over the next few years, "wrote Richard Davis, badyst Canaccord Genuity, in a customer note
. tock, 31 have a "buy" or a higher rating, three are on "hold" and only one on "strong sell".
"Microsoft has managed to surpbad Amazon's cloud revenues, and this gap only increases Microsoft's favor, "said Mark Sami, vice president of the SPR consulting company
" I predict that Microsoft's market share will continue to grow and impress investors. "
© Thomson Reuters 2018
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