Microsoft price target raised to $335 from $316 at KeyBanc

KeyBanc analyst Michael Turits raised the firm’s price target on Microsoft to $335 from $316 and keeps an Overweight rating on the shares. The firm notes that survey data from 33 VARs and channel partners indicated roughly stable Q1 results relative to plan versus last quarter, and relatively stable 2023 IT budget outlook growth, with less citing macro impact. KeyBanc further notes Microsoft VAR meets/beats 80%, down from 86% Q4 2022 and 94% Q3 2022, if still within the 80%-95% LTM range. Several were optimistic on growth stabilizing or even up from Q1, but the firm retains caution on calling the trough.