UPDATE: Stifel Nicolaus Reiterates Buy Rating, Raises PT on Microsoft Corporation on Potential Catalysts Ahead

In a report published Wednesday, Stifel Nicolaus analyst Brad Reback reiterated a Buy rating on Microsoft Corporation

, and raised the price target from $36.00 to $38.00. In the report, Reback noted, “While the shares of Microsoft (MSFT, $33.53, Buy) have materially outperformed the major indices this year (up 25.5% YTD verse NASDAQ up 14.7% YTD), we believe there is still room for the shares to run. Based on numerous potential-catalysts on the horizon (i.e. release of Windows 8.1, Build developer-conference, launch of <$500 Windows-devices, utilization of Haswell, PC market stabilizing/rebounding,etc.), our belief investors will continue to flock to high-quality, solid dividend-yielders (MSFT ~2.8%), and increasing awareness/appreciation of MSFT's Enterprise-business, we expect the shares to appreciate over the next few quarters. Given these views, combined with multiple-expansion across the group, we are raising our target price to $38 from $36 and would remain buyers.” Microsoft Corporation closed on Tuesday at $33.53.