Microsoft Shares Hit New Highs after Price Targets Raised

By Sam Boughedda — Microsoft Corporation (NASDAQ:MSFT) shares hit a new all-time high of $309.70 during the Wednesday session after its price target was raised at both Jefferies and Wedbush.

Microsoft's stock price rose after opening up the session at $308.35 before sliding around 0.3% to around the $307.26 mark.

Earlier in the day, Jefferies analyst Brent Thill increased the firm's price target on Microsoft shares to $375 from $345, keeping a buy rating. In a research note to investors, Thill said Microsoft has been a "significant outperformer" for the year-to-date. In addition, he believes the 18% year-over-year sales growth prediction for fiscal Q2 is "attainable" but cautions that comparisons become "progressively tougher" into fiscal 2022.

Meanwhile, Wedbush analyst Daniel Ives boosted Microsoft's price target to $375 from $350 and maintained an outperform rating on the stock ahead of the company's quarterly earnings report next week.

Ives' look at Microsoft in the September quarter has indicated incremental strength once again, showing that the Azure cloud growth story is moving into the next phase in Redmond, Washington. The analyst declared that the company will release another "Picasso-like masterpiece quarter with numbers" that will comfortably beat Wall Street expectations.

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U.S. stocks mixed at close of trade; Dow Jones Industrial Average up 0.43%