Microsoft Gets Price-Target Increase On Strength In Artificial Intelligence Stock News & Stock Market Analysis - IBD

As its stock hit a record high Friday, Microsoft's (MSFT) price target was raised on the view that its products and initiatives around artificial intelligence are undervalued. X KeyBanc Capital Markets analyst Brent Bracelin raised his price target on Microsoft to 106 from 94 and maintained a rating of overweight. "After meeting with senior leaders at Microsoft who are spearheading new AI products and initiatives, we came away impressed with Microsoft's AI product scope, ambitions to differentiate, and the three-year potential to capitalize on this wide-open market opportunity," Bracelin wrote in a research note to clients. Microsoft shares climbed 1.7% to close at 89.60 on the stock market today, setting a new closing high. Bracelin said he met with senior leaders at Microsoft last month and came away "very impressed by Microsoft's AI platform and the traction with embedding and implementing AI services in the enterprise."