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Microsoft (MSFT) +1.27% after Credit Suisse sets outperform rating
Microsoft (MSFT) traded up on the Nasdaq on Tuesday after a team of analysts at Credit Suisse said that the tech giant will deliver strong revenue growth through 2026.
Microsoft (MSFT) shares eased 1.27% higher on Tuesday after Credit Suisse said that the tech giant is on track to deliver “mid-to-high teens revenue growth” for years, as it set a bullish outperform rating in new coverage.
A team of analysts headed by Phil Winslow noted that Microsoft is currently in a strong position on several fronts, not least in the ‘intelligent cloud’, a segment that could hit up to 25% growth in the coming years.
A key driver here is the Azure cloud service, which will be leveraged by more businesses prioritising digital transformation and become a closer rival to Amazon Web Services (AMZN) in terms of revenue.
Winslow also sees Microsoft’s ‘Windows’ and ‘productivity and business processes’ divisions pulling their weight and supporting healthy growth for at least five years.
He added: “We believe these levels of sustained growth and profitability are still not properly reflected in consensus estimates or valuation.”
Credit Suisse rounded out its in-depth look at Microsoft by setting a $400 price target to go along with its outperform rating.
The update helped MSFT to steady gains on the Nasdaq on Tuesday, as a 1.27% advance by mid-afternoon set a $340.25 trading price.
Elsewhere, Walmart (WMT) dipped 2.7% to $143.17 as investors zeroed in on its lacklustre profit margins in Q3 despite there being both earnings and revenue beats, plus a higher full-year forecast.
The world’s biggest retailer came in five cents ahead of the Wall Street consensus with $1.45 per share earnings and topped the revenue expectations by almost $5bn with $140.5bn.
CEO Doug McMillon said that Walmart has “momentum” with robust sales and profit growth as it continues to improve its digital channels.
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