Software giant Microsoft Corporation (NASDAQ:MSFT) reported late Tuesday forecast-beating results for its fiscal-year third quarter, and the stock reacted with a move to the upside.
The Microsoft Analyst: Piper Sandler analyst Brent Bracelin reiterated an Overweight rating and $352 price target for Microsoft shares.
The Microsoft Thesis: Microsoft's Cloud segment climbed 32% year-over-year to $23 billion in the March quarter, defying the fluid and dynamic economic conditions, analyst Bracelin said in a note. Azure, the company's public cloud computing platform, saw revenue growth accelerating from 46% in the previous quarter to 49%, the analyst noted.
