MKM Cuts Target on Microsoft to $28 Amid 'Challenging Start' for Win8, Surface
MKM Partners' Israel Hernandez reduced his price target on Microsoft (NASDAQ: MSFT) from $32 to $28 Wednesday morning. The analyst maintains a Neutral rating.
The analyst's lowered target is based on in-store checks which suggest Windows 8 and the Surface are "off to a challenging start." Hernandez lowered his FY13 Surface shipments estimate from 4.5 million to 3.3 million and his FY14 shipment estimate from 10 million to just 6.6 million.
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