Broadpoint.AmTech Maintains a 'Buy' on Microsoft (MSFT); Raises PT & Estimates
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Broadpoint.AmTech maintains a 'Buy' on Microsoft (Nasdaq: MSFT), raises price target to $33.
Broadpoint analyst says, "We believe near-term consumer PC demand remains solid and expect the corporate PC refresh to provide an additional catalyst over the next few years...While its enterprise business remains lackluster, its consumer business improved meaningfully, with better than expected Windows sales and strong XBox business. MSFT also demonstrated solid cost management in the quarter, and we expect its cost control efforts to continue. We remind investors that the company's consumer business introduces greater variability in its quarterly financial performance than its enterprise business, which has a sizable annuity revenue stream. Recent positive trends in the consumer PC market and better than expected XBox business will likely lead to better stability in its overall financial performance in the near-term. We expect the corporate PC refresh in CY10 to be the next key growth catalyst for the company, complementing continued strength in its consumer business. We also expect enterprise adoption of Windows 7 to start in CY11."
"While the company did issue some hints regarding how it expects its business to perform, we believe the lack of formal guidance will likely introduce high variability among Street estimates, as was the case in F1Q. With better than expected Windows sales, it deferred $1.47B in Windows business into Q2 from its previous guidance range of $1.1-1.3B. We have raised our F2Q Windows revenue accordingly. We are also raising our EDD revenue estimate to reflect strong software title sales and XBox Live business. Our operating margin and EPS estimates increase to reflect the lowered Q1 expense run-rate."
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Microsoft Corporation provides software and hardware products and solutions worldwide.
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