The analyst’s stock ratings have been accurate 61% of the time, with an average return of 21.6% per rating. Out of almost 8,000 analysts in the TipRanks database, Ives is ranked at No. Further, the analyst noted that Microsoft’s other businesses are also doing well. As a result, cloud spending is only going to accelerate, and Microsoft is well positioned to take advantage of it. According to Ives, companies will continue investing in their digital transformation despite the Federal Reserve's rate hikes and inflation issues likely slowing down the economy. The cloud services that Microsoft and others provide help companies modernize their systems so they can operate more efficiently. Ives rated the stock a buy with a price target of $340. In a recent report, the analyst pointed out that the company is expecting to report cloud revenue of as much as $21.35 billion in the current quarter, compared to Wall Street’s consensus estimate of $20.89 billion. Wedbush’s Dan Ives agrees that Microsoft’s cloud business will continue to shine.
(See Microsoft News Sentiment on TipRanks) The Windows software maker went on to provide an upbeat outlook for the current quarter and fiscal year as it expects its cloud business to continue to perform well. Microsoft ( MSFT) reported s trong quarterly results, powered by solid performance in the cloud computing business.
