花旗升微軟(MSFT.US)目標價至605美元 予「買入」評級
花旗銀行研究報告指出,微軟(MSFT.US)仍是該行在軟件行業的首選,因公司在動盪的宏觀環境中具防禦性,同時受惠於人工智能產品周期,且市場對Azure 2026財年的預測可能過低。該行予其「買入」評級,目標價由540美元上調至605美元。
對於Azure業務,該行認為繼疫情催化客戶採用和加速消費規模後,生成式人工智能將開啟下一個增長時代。生成式AI/Co-Pilot功能的推出增強數碼生產力和協作,對生產力業務產生持久的影響,推動生產力業務的增量需求和採用。此外,該行推算2026財年Azure收入可能恢復至按年增長近37%(按固定匯率計算為36%)。
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