Microsoft (MSFT) PT Lowered at TD Cowen: 'Azure Upside Likely Capped But More Eyes on Copilot'

TD Cowen analyst J. Derrick Wood lowered the price target on Microsoft (NASDAQ: MSFT) to $540.00 (from $610.00) while maintaining a Buy rating.

The analyst commented: "Azure Upside Likely Capped But More Eyes on Copilot...And Capex; MSFT reports 3Q on 4/29. Like last qtr, we expect Azure upside to be limited & growth to remain steady given GPU capacity priorities. We suspect much is going towards internal R&D for frontier-like model building but we do look for modest unlock in M365. Rising capex & incheck Azure growth likely keeps shares range-bound, but there's room for a bump from an improved Copilot narrative. PT to $540."

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