Microsoft Corporation (NASDAQ:MSFT) has a big developer conference on tap for next week, and one firm sees that as a potential spark for shares of the tech titan. Oppenheimer has reiterated its rating for Microsoft in advance of the conference.
Investor’s Business Daily shares the firm’s take on Microsoft.
Microsoft (MSFT) on Tuesday received a bullish report from an analyst who sees the company’s software developers conference as a possible catalyst for the stock. Microsoft stock was trading near record highs on Tuesday.
Oppenheimer analyst Timothy Horan reiterated his outperform rating on Microsoft stock. He also raised his price target to 127 from 120. Microsoft stock rose 1% to 113.21 on the stock market today. In intraday trading, it climbed as high as 113.69. That’s just below its all-time high of 113.73, reached last Thursday and Friday.
Microsoft’s Ignite 2018 conference takes place next week in Orlando. According to Horan, hybrid cloud-computing technology will be a focus of the conference, as will be the capabilities and integration of various Microsoft products.
“We expect Microsoft to talk up the opportunities surrounding its Dynamics business, which is attacking a large but fragmented market,” Horan shared. “Microsoft’s suite of business productivity, customer relationship management (CRM), enterprise resource planning (ERP) and business communications tools is appealing to organizations that want to simplify vendor exposure.”
Microsoft Corporation shares fell $0.78 (-0.69%) in premarket trading Wednesday. Year-to-date, MSFT has gained 34.06%, versus a 9.94% rise in the benchmark S&P 500 index during the same period.
MSFT currently has a StockNews.com POWR Rating of A (Strong Buy), and is ranked #1 of 68 stocks in the Software – Application category.
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