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
BofA Securities analyst Brad Sills maintains Microsoft Corporation (NASDAQ:MSFT) with a Buy and raises the price target from $480 to $510.
BofA證券分析師Brad Sills維持微軟公司（NASDAQ: MSFT）的買入評級，並將價格目標從480美元上調至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.
微軟將於2024財年第四季度收盤後發佈業績，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認爲，可持續的Azure強勢、Office E3/E5的高端產品組合、早期的Microsoft Copilot吸引力以及正常化的PC/Windows購買環境將導致第四季度營業收入預計640億美元增長1%。
In addition, the analyst projects a neutral currency impact on growth, consistent with guidance.
此外，分析師預計貨幣影響對增長的影響中立，與指導方針保持一致。
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此外，Sills認爲如果錯過了英偉達股票，可以“加入比特幣標準”獲取更好的回報。
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認爲，在對$200億（+9% y/y）的PBP業務收入的估計中，商業辦公室有望增加10000萬美元收入，由於保守的14%增長預期，這比預期高一些。
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.
分析師寫道，辦公室增長預計可能來自ASP增長（6% y/y，與第三季度一致），由於合作伙伴對高端E5週期的持續強勢表現和Copilot推銷協議的早期經驗的評價。
In an upside case, the Office business could be on track to achieve 20% growth by the first quarter of FY26.
在增長的情況下，Office業務可以在FY26第一季度實現20%的增長。
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.
總的來說，分析師預計雙位數營業收入增長率和較低的利潤率仍將重申，並且隨着資本支出的增加，成本將上升100 bps。
Price Action: MSFT shares are trading lower by 1.5% to $442.77 at last check Wednesday.
股票價格變動：截至週三最後查詢，MSFT股票價格下跌1.5%，至442.77美元。
Photo via Shutterstock
圖片來自shutterstock。
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