Jefferies Comments on Investor Meetings with Microsoft (MSFT)

Jefferies is out with its report today on Microsoft

, commenting on investor meetings with MSFT. In a note to clients, Jefferies writes, "It seems likely Windows 8-based tablets become generally available in 1H:CY12. The next milestone for Windows 8, which was shown to support ARM chips at CES last month, should be its beta release. We note that the entire cycle from the first beta to GA is typically 6-8 months. We are more sanguine about Microsoft's future opportunities in consumer tech, having studied their history of come from behind victories and observing in a world in which dollars matter and value trumps image. Their early successes in cloud, gaming and smartphones reinforce our belief that investors are overly discounting Microsoft's potential." Jefferies maintains Buy and a $33 PT on MSFT. Shares of MSFT are trading pre-market at $27.90, up 0.47% from Friday's close.