Tech behemoth Microsoft Corp. got a $195 price target from analysts at Wedbush.
Wedbush analyst Dan Ives and his team boosted price target on Microsoft shares to $195 from $185. Wedbush’s price target alongwith their outperform rating on Microsoft is the highest on Wall Street. The team of analysts also set a bull case valuation on the stock at $210 vs. the average sell-side PT of $165.79.
Dan Ives cited Microsoft's stronger-than-expected customer deal inflows from Azure, its enterprise cloud services, as well as the $10 billion 'JEDI' contract with the Pentagon that it won against cloud rival Amazon earlier this year, as factors that could potentially justify a $210 share price.
While Amazon is leading the cloud space at present, Ives believes that Microsoft is "closing the gap" based on Redmond’s gains from accelerating spend among enterprises around both public and hybrid cloud deployments.
"Enterprise customers and partners we have spoken to over the past few weeks indicate a clear acceleration of larger and more strategic enterprise cloud deals as Redmond is poised to win the majority of the next phase of cloud deployments vs. the likes of Amazon and Bezos," Ives noted.