Analysts at UBS lowered their price target for Microsoft Corporation MSFT by $3 to $49 based on weaker-than-expected PC demand and "ongoing challenges in mobile." However, despite the challenges, UBS still rated Microsoft a Buy given its valuation.
Specific to PCs, UBS pointed to IDC's recent estimates of 2015 PC shipments, in addition to Intel Corporation INTC reporting weakness in XP refreshes among small- and mid-sized businesses. On the currency front, UBS just notes that the weaker EUR/USD will cause some challenges, though it does not quantify the impact.
The price target of $49 reflects a valuation of 15.5x UBS's revised EPS of $3.18. Microsoft recently traded at $41.36, flat amid large market-wide gains in today's trading session.
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