Deutsche Bank Reiterates a 'Buy' Rating on Microsoft (MSFT); Raises Price Target & Estimates
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Deutsche Bank reiterates a 'Buy' rating on Microsoft (Nasdaq: MSFT) and raises price target from $22 to $30.
Deutsche analyst says, "Is the Windows 7 cycle already priced into Microsoft's stock? In short, no. In addition to the traditional PC upgrade cycle and historical 20% four month average stock out-performance into the launch, we believe two factors could provide upside. First, the low hardware requirements means software only upgrades are more likely. Two, ASP erosion, driven by netbooks, is likely to abate with Win 7...This is the first OS that does not require higher end hardware and processors on the PC. This is significant as it will allow legacy Vista PCs to be upgraded to Windows 7. This should add $500m to $1b in incremental revenue if an additional 1%-2% of the installed base upgrades to Win 7 without purchasing new PCs...Overall, our revenue/EPS increases to $60.9b/$1.83 from $59.3b/$1.74."
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Microsoft Corporation develops, manufactures, licenses and supports a range of software products for computing devices.
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