Microsoft Corp MSFT is trading higher after the company announced better-than-expected first-quarter fiscal 2022 financial results.
Microsoft reported quarterly adjusted earnings of $2.27 per share, which beat the estimate of $2.07 per share. The company reported quarterly revenue of $45.3 billion, which beat the estimate of $43.97 billion.
Microsoft expects second-quarter fiscal 2022 revenue to be in a range of $50.15 billion to $51.05 billion versus the estimate of $47.34 billion.
“Digital technology is a deflationary force in an inflationary economy. Businesses – small and large – can improve productivity and the affordability of their products and services by building tech intensity,” said Satya Nadella, chairman and CEO of Microsoft. “The Microsoft Cloud delivers the end-to-end platforms and tools organizations need to navigate this time of transition and change.”
Analyst Assessment: Multiple analyst firms raised price targets on the stock following Microsoft's financial results:
- Piper Sandler analyst Brent Bracelin maintained Microsoft with an Overweight rating and raised the price target from $310 to $352.
- Stifel analyst Brad Reback maintained Microsoft with a Buy rating and raised the price target from $325 to $380.
- Goldman Sachs analyst Kash Rangan maintained Microsoft with a Buy rating and raised the price target from $360 to $400.
- Credit Suisse analyst Stephen Ju maintained Microsoft with an Outperform rating and raised the price target from $320 to $340.
- Barclays analyst Raimo Lenschow maintained Microsoft with an Overweight rating and raised the price target from $345 to $363.
- Morgan Stanley analyst Keith Weiss maintained Microsoft with an Overweight rating and raised the price target from $331 to $364.
MSFT Price Action: Microsoft is making new all-time highs during Wednesday's trading session.
The stock was up 3.64% at $321.42 at time of publication.
Photo: courtesy of Microsoft.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.