Collins Stewart Maintains a 'Top Pick' on Microsoft (MSFT); Adjusts Price Target & Estimates
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Collins Stewart maintains a 'Top Pick' rating on Microsoft (Nasdaq: MSFT) and raises price target to $30.
Collins analyst says, "MSFT has been our top pick since March 9th '09. That time we believed that majority of the bad news was reflected in stock but none of the good news such as 1) timely/successful launch of Windows 7, 2) incr. revenue from Win 7 and 3) success from cost cutting efforts. Since March 09, MSFT is up 60% and clearly lot of good news is now reflected in stock price. However, we believe that in spite of last five weeks of upgrades/upping of est. by Street, Street estimates remain too low for FY10/FY11. In addition to 10%-12% price increase for Win 7 for OEMs, there are 3 other aspects we are more positive about A) cost cutting efforts far better than expected, B) Android & Moblin fear overblown, and C) early good impression of Bing providing far more compelling rationale for higher opex/capex in OSB. We are adjusting our est to reflect our PC shipment views, higher S&M spend (Win 7 launch) and higher R&D on search (FY10 down/CY10 up)."
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Microsoft Corporation develops, manufactures, licenses and supports a range of software products for computing devices.
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