Microsoft Stock Has Further Room To Run, Says Analyst, As Software Giant Remains On Track To Hit $200B Cloud Revenue In 2 Years
Microsoft Stock Has Further Room To Run, Says Analyst, As Software Giant Remains On Track To Hit $200B Cloud Revenue In 2 Years
Microsoft Corp. (NASDAQ:MSFT) shares received a nice price target bump a week ahead of the software giant's quarterly earnings release.
即將進入軟件巨頭季度業績發佈前一週，微軟股票 (納斯達克代碼：MSFT) 目標價獲得良好上調。
The Microsoft Analyst: Piper Sandler analyst Brent Bracelin reiterated an Overweight rating on Microsoft shares and upped the price target from $465 to $485. The updated price target suggests the stock has about 10% upside potential.
微軟分析師：派傑投資分析師 Brent Bracelin 重申對微軟股票的增持評級，並將目標價從465美元調整至485美元。新的目標價表明該股票有約10%的上漲潛力。
Microsoft took 13 years (from fiscal 2010 to 2023) to achieve a $100 billion annual revenue run-rate for its Cloud services business but the next $100 billion cloud revenue could come in just three years, said Bracelin in a note. Over the 13-years, capex and lease exceeded $176 billion, he noted. The critical data center investments should, therefore, be compressed to support a potential doubling of Microsoft Cloud revenue to $200 billion+ exiting fiscal year 2026, he said.
分析師 Bracelin 在一份研究報告中表示，微軟雲服務業務歷經13年（從財年2010年到2023年）才達成1000億美元年營業收入水平，但下一個1000億美元的雲服務業務營收可能在僅三年內達成。他指出，在這13年間，資本支出和租賃支出總額超過1760億美元。因此，重要的數據中心投資應該被壓縮，以支持微軟雲服務業務在2026年財年後期有可能翻倍至2000億美元+的營收。
"Growth investors should look beyond near-term fears of an AI overbuild with the lens of a broader cloud transformation still underway that could help sustain double-digit top-line and bottom-line growth through 2030," the analyst said. He expects the Cloud mix, aided by AI, to expand to 63% by fiscal year 2026, up from 53% today and sharply higher than the 10% in fiscal 2016.
“成長投資者應該透過一個正在進行的更廣泛雲轉型的眼鏡，超越人工智能過度建設的近期擔憂，這將有助於維持到2030年的雙位數盈利增長率和營業收入增長率，” 分析師說。他預計，雲服務業務的組合，在人工智能的幫助下，到2026財年將擴展至63%，高於當前的53%，大大高於2016財年的10%。
Azure, which accounts for 33% of sales, is approaching a $85 billion run-rate, with growth exceeding 30%, Bracelin said. The analyst expects June quarter Azure revenue growth of 32% on a constant currency basis compared to the 30-31% guidance, with AI contributing at least seven percentage points of growth.
佈雷斯林指出，Azure佔微軟銷售額的33%，接近850億美元的年營業收入水平，增長率超過了30%。他預計，在常幣情況下，Azure在6月季度的營收增長率將達到32%，高於30%-31%的指引，人工智能的貢獻至少爲7個百分點。
The analyst noted that a majority of Microsoft AI shows up in IaaS rather than SaaS, with the proportion at 95% vs. 5%. He expects capex and lease to surpass $19 billion in the June quarter.
分析師指出，微軟大多數人工智能都出現在基礎設施即服務（IaaS）而非軟件即服務（SaaS）領域，比例爲95%:5%。他預計，資本支出和租賃支出將在6月季度超過19億美元。
As such, the analyst increased his calendar year 2025 earnings per share estimate by 17 cents on slightly higher growth assumptions, and the calendar year 2025 P/E multiple from 33 times to 34 times on strong cloud momentum. The upward adjustment to the price target is to give effect to the revisions to the earnings estimate and the P/E multiple, he added.
因此，分析師提高了對2025年每股收益的估計，上調了17美分，並將2025年P/E多次法從33倍上調至34倍，因爲這一強勁的雲增長動能。他補充說，目標價的上修反映了對盈利預估和P/E多次法的修訂。
Microsoft is scheduled to report its fiscal year 2024 fourth-quarter earnings after the market closes on Tuesday, July 30. Analysts, on average, expect the company to report earnings per share of $2.93 and revenue of $64.35 billion. This compares to the year-ago earnings of $2.69 per share and revenue of $56.19 billion.
微軟定於7月30日週二收盤後公佈其2024財年第四季度業績。分析師平均預計其本季度每股收益爲2.93美元，營收爲643.5億美元。去年同期每股收益爲2.69美元，營收爲561.9億美元。
Microsoft Price Action: Microsoft shares ended Monday's session up 1.33% to $442.94, according to Benzinga Pro data. The stock has gained over 18% year-to-date.
微軟股價表現：根據Benzinga Pro數據，微軟股票收盤上漲1.33%，報442.94美元。該股今年以來上漲逾18%。
Photo by Volodymyr Kyrylyuk on Shutterstock
攝影：Shutterstock網站上Volodymyr Kyrylyuk的照片。