Here's Why Nomura Just Downgraded Microsoft To Hold - Microsoft (NASDAQ:MSFT)

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Rich Sherlund of Nomura on Tuesday downgraded shares of

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Microsoft

(NASDAQ: MSFT) to Neutral from Buy with a price target lowered to $50 from a previous $56 as the company's “honeymoon” is ending and a tougher transition period lays ahead.According to Sherlund, Microsoft's Q2 (December) results were “a bit ahead of expectations” in revenues and earnings while Cloud revenues showed “robust growth.” However, the analyst adds that the underlying trends in Windows and Office suggest a “more challenging transition ahead.”Sherlund also notes that management's announcement that the remaining $31 billion of share repurchase authorization will be used on an accelerated basis over the next eight month may not provide as much “immediate gratification” as some investors may have hoped.