STIFEL MSFT Upgrade to Buy and increase TP to $575. We are increasingly comfortable with the company's ability to sustain mid/upper teens revenue growth as open-weight model advancement has boosted management's LLM agnostic strategy (Azure & Copilot), COGS/OPEX operational efficiencies are supportive of stable operating margins and strong cash-flows should limit the company's need for outside financing. Within Azure, even in the face of capacity constraints, we expect accelerating revenue growth
STIFEL MSFT Upgrade to Buy and increase TP to $575. We are increasingly comfortable with the company's ability to sustain mid/upper teens revenue growth as open-weight model advancement has boosted management's LLM agnostic strategy (Azure & Copilot), COGS/OPEX operational efficiencies are supportive of stable operatin