Microsoft price target lowered to $465 from $470 at JPMorgan

JPMorgan lowered the firm’s price target on Microsoft (MSFT) to $465 from $470 and keeps an Overweight rating on the shares. The firm has “no issues” with Q1 results, which it calls “broadly stable-good in our view.” Q2 total revenue street consensus was “set reasonably and should have been attainable,” but Microsoft is guiding below and this caused the after-hours selloff in shares, noted the firm. By far the greatest magnitude of the guide-below lies within More Personal Computing, or MPC, but the firm views MPC as “less important to Microsoft’s fundamental thesis as compared to the higher-margin, stickier annuity streams,” and therefore this is of less concern, though it adds that “the developments do pose unhelpful near-term hurdles nonetheless.”