MKM Cuts Target on Microsoft to $28 Amid 'Challenging Start' for Win8, Surface

MKM Partners' Israel Hernandez reduced his price target on Microsoft MSFT from $32 to $28 Wednesday morning. The analyst maintains a Neutral rating. The analyst's lowered target is based on in-store checks which suggest Windows 8 and the Surface are "off to a challenging start." Hernandez lowered his FY13 Surface shipments estimate from 4.5 million to 3.3 million and his FY14 shipment estimate from 10 million to just 6.6 million.