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大行評級|招銀國際:上調微軟目標價至510.3美元 上調收入及純利預測
招銀國際發表研究報吿指,微軟2025財年第三季的收入按年增13.3%至701億美元,勝該行及市場預期,這主要得益於智能雲和更多個人計算業務板塊分別超出預期3%和6%。季度純利按年增長 17.7%,達到258億美元,同樣勝該行及市場預期,主要因為各業務板塊的經營效率提升均好於預期。該行指,大客户執行情況改善和收入增長加速,加上人工智能相關雲服務的需求持續強勁,推動了今財年的第三季整體雲業務收入增長的重新加速,而且增速在第四季有望延續。管理層強調,人工智能雲服務的需求增長速度仍快於數據中心容量的擴張速度。考慮到雲業務收入增長好於預期,該行將2025財年至2027財年的收入及純利預測分別上調0%至1%及1%至2%,將目標價由503.1美元上調至510.3美元,維持“買入”評級。
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