Citigroup Reiterates Buy Rating, $35 PT for Microsoft

In a company update published earlier today, Citigroup Inc. reiterated its Buy rating and $35.00 price target for Microsoft Corporation

. Citigroup went on to say “Our opinion remains that we could likely see a ‘sell on the news' move in the shares into and post launch given what may be underwhelming response on non-touch system and other events such as MacBook launch. We believe success of the launch will become more clear in 2013 rather than in 2H12. We prefer ORCL to MSFT in large cap, although do believe long-term (2013+) that the market is underestimating the ability of Win8 to breathe new life into the PC franchise.” Microsoft Corporation closed yesterday at $28.51.