UPDATE: Goldman Sachs Raises PT to $34 on Microsoft

Goldman Sachs increases its price target from $32 to $34 on Neutral-rated Microsoft

on anticipation of Q3 results. Goldman Sachs comments, "We believe the market will continue to be waiting for Windows 8, which we expect to ship in the September/October time frame. In fact, in our view, the stock is likely to remain range bound until then as investors wait to see whether the company's fortunes in tablets and smartphones will change materially as a result of the launch. However, while Windows 8 is the primary area of focus for the investment community, we believe the upgrade cycle from Windows XP that must occur prior to April 2014, as well as Vista, should also be considered." MSFT closed at $31.01 on Thursday.