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Benzinga
Benzinga
Business
Anusuya Lahiri

Rosenblatt Held Conviction On Microsoft Ahead Of Q3

Microsoft Rosenblatt Nasdaq Activision Blizzard Activision Blizzard Inc Microsoft Corp Nuance Euro
  • Rosenblatt analyst Blair Abernethy reiterated a Buy rating on Microsoft Corp (NASDAQ:MSFT) with a price target of $349.
  • The price target implied an upside of 27.7%.
  • Microsoft looks to report its Q3 FY22 results on March 26 after market close. 
  • Also Read: Activision Blizzard Registers 22% Revenue Decline In Q1, Ditches Outlook Due To Microsoft Deal
  • Abernethy saw enterprise IT spending, Digital Transformation project activity, and shift to the cloud trend remain strong in the March quarter. 
  • Abernethy was comfortable with an 18.6% FY22e revenue growth expectation for Microsoft (which excludes the Nuance (NU-Q, not rated) acquisition that should add ~0.6% to full-year revenues).
  • However, he saw that the declining Euro would likely add to FY22 forex headwinds. 
  • The pending Activision Blizzard Inc (NASDAQ: ATVI) acquisition (announced in January) will likely close in FY23.
  • Price Action: MSFT shares traded higher by 1.14% at $277.23 on the last check Monday.
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