Microsoft (NASDAQ:MSFT) stock is in the news Wednesday after Bank of America analysts increased their price target for the tech giant’s shares.
Bank of America analysts increased the price target for MSFT stock from $480 per share to $510 per share. That’s a potential upside of 13.5% compared to the stock’s prior closing price. It’s also above the analysts’ consensus price prediction of $474.72 per share.
Bank of America also reiterated its ” buy” rating for MSFT shares alongside the new price target. That matches the analysts’ consensus rating based on 35 opinions.
What’s Behind the New MSFT Stock Price Target
The Bank of America analysts highlight several reasons for the increased MSFT price target. That includes expectations for a “healthy Q3” from the company. Helping that is sustained Azure growth, solid Office 365 performance and More Personal Computing segment increases.
MSFT stock is down 2% as of Wednesday morning. That comes with more than 7.9 million shares traded. This is still well below its daily average trading volume of about 18.9 million shares.
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We are offering up all of the hottest stock market news traders need to know about on Wednesday! Among that is what’s going on with shares of Archer Aviation (NYSE:ACHR), ASML (NASDAQ:ASML) and Rivian (NASDAQ:RIVN) shares today. You can catch up on all of these matters by checking out the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
