Technology giant Microsoft Corporation (NASDAQ: MSFT) recently revealed that it will start downing its 27-year-old web browser Internet Explorer from June 15.
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The Program Manager of Microsoft Edge, Sean Lyndersay, said, “Internet Explorer mode (‘IE mode’) is incorporated into Microsoft Edge, allowing you to view older Internet Explorer-based websites and applications directly from Microsoft Edge. With Microsoft Edge capable of taking on this and other responsibilities, the Internet Explorer 11 desktop application will be discontinued and phased out of support for certain versions of Windows 10 on June 15, 2022.”
According to a Mashable report, Microsoft will provide an update that will completely remove Internet Explorer from Windows 10 devices and redirect Internet Explorer users to Edge.
Stock Rating
Recently, Barclays analyst Raimo Lenschow reiterated a Buy rating on Microsoft but lowered the price target to $335 from $363, which implies upside potential of 32.4% from current levels.
Overall, the Street has a Strong Buy consensus rating on the stock based on 24 Buys and one Hold. MSFT’s average price target of $355.13 implies upside potential of 40.4% from current levels. Shares have declined 1.9% over the past year.
Investors’ Sentiment
TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on MSFT, as 8.4% of the top portfolios tracked by TipRanks increased their exposure to MSFT stock over the past 30 days.
Conclusion
Microsoft’s impending discontinuation of Internet Explorer is strategic, as it can now shift its focus towards its new browser, Edge, which offers better functionality and speed to users.
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