Microsoft Showing DJIA's Second-Largest Gains Friday
July 19 2019 - 11:22AM
Dow Jones News
By Dave Sebastian
Microsoft Corp.'s (MSFT) shares rose 2% in trading Friday after
it posted record revenue in the latest quarter and profit that
topped expectations.
The technology company had the second-most gains, after Boeing
Co. (BA), in the Dow Jones Industrial Average on Friday
morning.
Analysts also raised Microsoft's price target. Citigroup Inc.
(C) raised its per-share target to $152 a share from $147 a share.
BMO Capital Markets raised the per-share target to $160 from $153.
Canaccord Genuity Group Inc. (CF.T) raised its per-share target
from $145 to $155.
Shares on Friday were trading at $138.76. The stock is up nearly
37% so far this year.
Driving Microsoft's revenue growth were its Azure, Office 365,
Gaming and Marketing divisions, as well as legacy products such as
on-premise Office software and Windows, Canaccord analysts said in
a note.
"Consistent growth in these businesses was not something that we
expected a few years ago," the analysts said, adding, "The point is
that we do not see some sort of cliff event in which Microsoft's
legacy business rolls over hard, and like the large majority of
people who follow this company, we are in the consensus that the
growth drivers will continue to deliver 20%+ growth for about half
of the business."
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
July 19, 2019 11:07 ET (15:07 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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