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Wells Fargo sees balanced setup for Microsoft into Q2 results

Wells Fargo says that from its recent field work, the firm is expecting a balanced Q2 without any major surprises from Microsoft (MSFT). Wells sees any clearing of AI capacity debate and clarity on Azure re-acceleration as likely to unlock more significant second half of the year upside. The firm reiterates an Outperform rating on the shares with a price target of $515.

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