After-hours movers: Microsoft gains following EPS, pulls other tech stocks with it
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Microsoft's Q2 EPS gets mixed reviews, prompts one downgrade on Azure worries
January 25, 2023 6:52 AM ESTMicrosoft's (NASDAQ: MSFT) fiscal year 2023 second-quarter earnings after the close are getting mixed reviews on Wall Street Wednesday morning. Several firms cut their price target following the print, several raised their price targets, and at least one firm downgraded the stock.
BMO Capital's Keith Bachman downgraded shares to Market Perform from Outperform and lowered his price target to $265 from $267, citing the ongoing uncertainty on Azure. Until Azure growth stabilizes, the stock will be "range-bound", Bachman said. Azure represents about 31% of the firm's FY24 revenue estimates. Bachman said Azure likely over-earned for eight... More
