UPDATE: Stifel Nicolaus Raises PT on Microsoft to $34, Maintains Buy

Stifel Nicolaus reiterates its Buy rating on Microsoft

and raises its price target up $2 to $34 per share as results for quarter come in line due to strong business and Windows transition continues. Stifel Nicolaus says, " Microsoft reported F2Q12 revenue of $20.89bn (up 5% y/y), essentially in line with consensus expectations of $20.92bn, but below our $21.30bn estimate. Given the number of recent estimate reductions to reflect concerns around the PC market we feel investors will view this with a sigh of relief. As has been the case for the past three quarters, the Business and Entertainment & Devices divisions drove the beat, while the Windows division was below expectations, as anticipated." MSFT closed at $28.12 per share on Thursday.