UPDATE: MKM Partners Initiates Coverage of Microsoft Corporation

In a note release Wednesday morning, MKM Partners assumed coverage of Microsoft Corporation

with a Buy rating and a $52 price target. Looking ahead, the team at MKM noted investors in 2015 will likely focus on two main aspects: 1) cloud services and 2) recently acquired Nokia. The firm also noted Microsoft could experience product upgrade cycles in fiscal 2015 from the Surface Pro 3, Windows 9, and the end of extended support for Windows 2003. The firm commented, "Investors now see a future beyond the PC and a new CEO representing a break with the past," Adding, "At the same time, new initiatives are showing traction and are incremental to revenue growth and earnings, more so the former than the latter, though it does illustrate a positive future."