Shares of Microsoft (NASDAQ:MSFT) slipped in after-hours trading after the company reported earnings for its second quarter of Fiscal Year 2024. Earnings per share came in at $2.93, which beat analysts’ consensus estimate of $2.77 per share.
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Sales increased by 17.7% year-over-year, with revenue hitting $62.02 billion. This beat analysts’ expectations by $890 million. Microsoft’s Intelligent Cloud division, which includes Azure, made up $25.9B of the revenue. In addition, Azure sales grew by 30% year-over-year compared to estimates of 27.5%.
What Is the Price Target for Microsoft?
Turning to Wall Street, analysts have a Strong Buy consensus rating on MSFT stock based on 31 Buys assigned in the past three months, as indicated by the graphic below. After a 66% rally in its share price over the past year, the average MSFT price target of $443.20 per share implies 8.7% upside potential.
