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Microsoft shares were outperforming the broader market Monday, after Citigroup analyst Walter Pritchard raised his rating to Buy from Neutral and lifted his target price by 19%.
Microsoft (ticker: MSFT) stock has had a solid year, with its 40% year-to-date gains roughly mirroring the move in the Nasdaq Composite. But Pritchard sees further gains ahead, as his target price of $272 a new Wall Street high is more than 20% above the stock’s Monday morning levels. Pritchard’s call largely boils down to a bullish view on Microsoft.
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Buy Microsoft to Bet on Cloud Growth, Says Citi. It’s the Most Bullish Call on Wall Street.