Overview

• RBC reiterated an Outperform rating on October 3, citing Microsoft’s ability to monetize AI across both infrastructure and end‑user applications.
• BMO’s Keith Bachman kept a Buy rating and set a $650 price target.
• For fiscal 2025, revenue reached $281.7 billion and earnings were $101.8 billion, with both up 15% year over year.
• Cloud growth remains robust, with Intelligent Cloud up 26% in the latest quarter, Microsoft Cloud at $168 billion for FY25 (+23%), and Azure above $75 billion (+34%).
• Shares are up more than 20% in 2025 and consensus targets imply roughly 19% additional upside, though a potential slowdown in AI infrastructure spending is noted as a risk.