Microsoft in spotlight as Mizuho reiterates outperform rating
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Contributor since / Followers
Contributor since / Followers
3 months ago
Jean-Luc Ichard
- Microsoft (NASDAQ:MSFT) was in the spotlight as Mizuho Securities reiterated its Outperform rating and $480 price target on the tech giant after the company announced a 10.7% hike to its quarterly dividend and a new $60B buyback program.
- Shares rose 0.4% in premarket trading on Wednesday.
- The $60B buyback is the same amount as the company announced three years ago and the cadence of the share repurchase program is unlikely to be changed going forward, Mizuho analyst Gregg Moskowitz wrote in an investor note.
- In conjunction with the updated dividend and share buyback announcements, Moskowitz said Microsoft’s revenue growth opportunities over the medium-term and beyond are much larger than many investors realize, due in part to “tangible” generative artificial intelligence adoption and its ability to monetize it.