What's In Store For Microsoft In Q4? Analyst Sees Azure Strength, Double-Digit Revenue Growth Outlook
What's In Store For Microsoft In Q4? Analyst Sees Azure Strength, Double-Digit Revenue Growth Outlook
In addition, the analyst projects a neutral currency impact on growth, consistent with guidance.BofA Securities analyst Brad Sills maintains Microsoft Corporation (NASDAQ:MSFT) with a Buy and raises the price target from $480 to $510.
BofA证券分析师Brad Sills维持微软公司（NASDAQ: MSFT）的买入评级，并将价格目标从480美元上调至510美元。
Microsoft will publish the fiscal year 2024 fourth-quarter financial results after the close of the market on Tuesday, July 30, 2024.
微软将于2024财年第四季度收盘后发布财报，即2024年7月30日星期二。
Sills sees 1% upside to the fourth quarter revenue estimate of $64.0 billion, stemming from sustained Azure strength, Office E3/E5 premium mix, early Microsoft Copilot traction and a normalizing PC/Windows buying environment.
Sills认为，可持续的Azure强势、Office E3/E5的高端产品组合、早期的Microsoft Copilot吸引力以及正常化的PC/Windows购买环境将导致第四季度营业收入预计640亿美元增长1%。
In addition, the analyst projects a neutral currency impact on growth, consistent with guidance.
此外，分析师预计货币影响对增长的影响中立，与指导方针保持一致。
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此外，Sills认为如果错过了英伟达股票，可以“加入比特币标准”获取更好的回报。
In addition, Sills sees a $100 million upside to the PBP segment revenue estimate for $20 billion (+9% y/y) from a modest Commercial Office upside on a conservative outlook for 14% growth.
此外，Sills认为，在对$200亿（+9% y/y）的PBP业务收入的估计中，商业办公室有望增加10000万美元收入，由于保守的14%增长预期，这比预期高一些。
The analyst writes that office upside is likely to come from ASP growth (6% y/y, consistent with third-quarter), given partner commentary on sustained strength in the premium E5 cycle and early traction with Copilot upsell deals.
分析师写道，办公室增长预计可能来自ASP增长（6% y/y，与第三季度一致），由于合作伙伴对高端E5周期的持续强势表现和Copilot推销协议的早期经验的评价。
In an upside case, the Office business could be on track to achieve 20% growth by the first quarter of FY26.
在增长的情况下，Office业务可以在FY26第一季度实现20%的增长。
Overall, the analyst forecasts a reiterated outlook for double-digit revenue growth and margin to be down 100bps on ramping capex, driving the cost of sales higher.
总的来说，分析师预计双位数营业收入增长率和较低的利润率仍将重申，并且随着资本支出的增加，成本将上升100 bps。
Price Action: MSFT shares are trading lower by 1.5% to $442.77 at last check Wednesday.
股票价格变动：截至周三最后查询，MSFT股票价格下跌1.5%，至442.77美元。
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图片来自shutterstock。
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