Reflecting the surging tide of artificial intelligence, Wedbush Securities analyst Dan Ives has raised his price target for Microsoft Corp.
What Happened: The announcement, made via X, underscores Ives' confidence in Microsoft's pivotal role in the AI revolution, dubbing it the company's "shining moment."
The new target implies a 23% upside for Microsoft investors based on Tuesday's closing price.
Ives, a veteran tech bull on Wall Street, bases his bullish outlook on recent field checks revealing robust AI customer adoption.
Microsoft's Azure cloud platform, enhanced by innovations like Nvidia Corp.'s
The new target, approximately 25% premium over the current Wall Street consensus of $517.85, reflects Ives' belief that AI infrastructure is propelling Microsoft ahead of competitors.
Why It Matters: Currently, based on the 29 analysts tracked by Benzinga, MSFT has a consensus target price of $517.85 apiece, with a 'buy' rating.
The targets range from $475 to $605. Recent price targets from Wells Fargo, Citigroup, and RBC Capital imply a 15.07% upside for Microsoft Corp.
MSFT shares were up 0.22% in premarket on Wednesday and ended 0.85% higher at $490.11 apiece on Tuesday. It has risen by 17.09% on a year-to-date basis and 8.68% over the past year.
Benzinga Edge Stock Rankings shows that MSFT had a stronger price trend over the short, medium, and long term. Its momentum ranking was solid; however, its value ranking was poor at the 13.32nd percentile.
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