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Microsoft Corporation (NASDAQ:MSFT) reported better-than-expected results for its third quarter on Tuesday.
Microsoft said third-quarter revenue increased 7% year-over-year to $52.9 billion. The company’s top-line results beat consensus estimates of $51.02 billion. The company reported quarterly earnings of $2.45 per share, which beat estimates of $2.23 per share and was up 10% year-over-year.
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Microsoft shares rose 7.6% to $296.40 in pre-market trading.
These analysts made changes to their price targets on Microsoft following earnings announcement.
- Jefferies raised the price target on Microsoft from $325 to $350. Jefferies analyst Brent Thill maintained a Buy rating.
- Barclays increased the price target on Microsoft from $310 to $336. Barclays analyst Raimo Lenschow maintained an Overweight rating
- JP Morgan increased the Microsoft price target from $305 to $315. JP Morgan analyst Mark Murphy maintained an Overweight rating on the stock.
- Wolfe Research raised Microsoft price target from $330 to $350. Wolfe Research analyst Alex Zukin maintained the stock with an Outperform rating.
- Mizuho increased the price target on Microsoft from $315 to $325. Mizuho analyst Gregg Moskowitz maintained the stock with a Buy.
- Stifel boosted price target on Microsoft from $310 to $320. Stifel analyst Brad Reback maintained a Buy rating on the stock.
- MoffettNathanson raised price target on Microsoft from $263 to $306. MoffettNathanson analyst Sterling Auty maintained the stock with a Market Perform.
- Wells Fargo boosted Microsoft price target from $320 to $345. Wells Fargo analyst Michael Turrin maintained the stock with an Overweight.
- Oppenheimer increased Microsoft price target from $310 to $330. Oppenheimer analyst Timothy Horan maintained the stock with an Outperform.
- Macquarie raised Microsoft price target from $260 to $325. Macquarie analyst Sarah Hindlian upgraded the stock from Neutral to Outperform.
- BMO Capital raised Microsoft price target from $325 to $347. BMO Capital analyst Keith Bachman upgraded the stock from Market Perform to Outperform.
- Credit Suisse boosted Microsoft price target from $285 to $350. Credit Suisse analyst Sami Badri maintained the stock with an Outperform.
- Rosenblatt increased Microsoft price target from $275 to $310. Rosenblatt analyst Blair Abernethy maintained the stock with a Buy.
Now Read This: Investor Sentiment Declines Further Amid Revived Concerns Over Banks
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.