You’ve got to hand it to Microsoft (NASDAQ:MSFT). Today was not a good day for the stock as a flood of news emerged, and most of it wasn’t great. But Microsoft held its position and even gained slightly in Monday afternoon’s trading session.
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Perhaps the biggest black eye for Microsoft came over the weekend, where a fake Ledger Live app found its way into the Microsoft app store. Those who downloaded it and installed it quickly found out the app was fake and that their Bitcoin (BTC-USD) were promptly stolen. Hackers got their hands on 16.8 Bitcoin with a value of around $590,000. Plus, further reports noted thefts in Ethereum (ETH-USD) and the BNB Smart Chain, which brought the total losses to $770,000.
And the troubles carried on from there. Microsoft announced it was “deprecating” three features from Windows 10 and Windows 11. The newest deprecations targeted Remote Mailslots, Webclient Service, and Computer Browser. Remote Mailslot actually has been around since the MS-DOS era, which gives you an idea of why it was removed. In addition, price hikes for gaming would also be coming, as Game Pass goes from $10 to $11, and Game Pass Ultimate goes from $15 to $17 per month.
What is the Target Price for Microsoft Stock in 2023?
Turning to Wall Street, analysts have a Strong Buy consensus rating on MSFT stock based on 31 Buys and one Hold assigned in the past three months, as indicated by the graphic below. Furthermore, the average MSFT price target of $408.83 per share implies 15.14% upside potential.
