UPDATE: Evercore Upgrades Microsoft to Overweight, Cites Strong Enterprise Business

Evercore analyst Stewart Kirk Materne issued an early-morning upgrade on shares of Microsoft (NASDAQ: MSFT) Thursday morning. The analyst now rates Microsoft an Overweight, up from Equalweight previously. Materne cited positive valuation of its enterprise business.Materne said Microsoft's enterprise business drives 75-80 percent of Evercore's FY2014 EPS valuation estimate, while consumer business will need to stabilize in 2014 in order to maintain an attractive risk-to-reward ratio. Any upside in the Windows and Mobile segment could move shares upwards, according to the Evercore analyst.Materne believes Microsoft may announce a dividend increase at its Analyst Day in September.The upgrade comes amid, as Materne pointed out, overall negative Street sentiment on the stock and lowered consensus estimates by a number of sell-side firms. Shares of Microsoft are up 2.8 percent at last check; the price has bumped up against the $33 level for the majority of Thursday's afternoon session.