Wells Fargo added Microsoft to its Tactical Ideas list for the fourth quarter and raised its price target to $725 from $700. The bank reiterated its Overweight rating, citing a favorable tactical setup and the company’s significant advantages in artificial intelligence.
Microsoft’s recent business segment reorganization is expected to give investors greater transparency and a clearer view of Azure cloud revenue.
Wells Fargo also expects the November Ignite conference to provide positive momentum, with significant product announcements anticipated.