Shares in Microsoft Corp.
rose 0.3% against another record in trading on Tuesday after Wedbush analyst Dan Ives raised its price target and said cloud transaction activity is hitting its next growth momentum. Ives reiterated the overall rating he had held on the software giant’s stock for at least 2 1/2 years, raising his base market price target to $ 300 from $ 285, and his “bull case” target to $ 350 from $ 325. “Based on our recent field control, we strongly believe that the tide is shifting in cloud arms as Microsoft, coming out of its recent 50% Azure growth number, takes market share relative to AWS (28% year-on-year growth in this quarter) based on our analysis, “Ives wrote in a note to clients. AWS is Amazon.com Inc.’s
cloud offerings, which is currently the market leader. Ives is now tied with six other analysts by the 34 surveyed by FactSet for the highest Microsoft price target on the street. The stock, which closed Friday at a record high of $ 244.99, has risen 12.8% over the last three months to Friday, while the Dow Jones Industrial Average
has received 5.0%.