UPDATE: BGC Partners Downgrades Microsoft (MSFT) to Hold

April 10, 2013 11:33 AM EDT
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Price: $62.74 +0.71%

Rating Summary:
    35 Buy, 15 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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(Updated - April 10, 2013 12:08 PM EDT)

BGC Partners downgraded Microsoft (NASDAQ: MSFT) from Buy to Hold with a price target of $31.00. Analyst Colin W. Gillis said he was taking advantage of recent strength to reduce his rating. He expressed concern about the PC industry, the Window's enterprise refresh, and Microsoft's traction in mobile and tablets.

"While we remain supportive of the quality and innovation of Microsoft’s software to power phones and tablets, traction in the marketplace remains lackluster. Tablet growth is estimated by IDC to reach 190 million units and post 49% growth. We estimate that smart phone shipments could exceed 1 billion units in 2013, above IDC forecasts of 918 million as emerging countries increasingly turn to inexpensive Android phones for their mobile computing needs. Microsoft's minimal participation in these markets is becoming an increasingly urgent problem that may be prove difficult to reverse," he said.

For an analyst ratings summary and ratings history on Microsoft click here. For more ratings news on Microsoft click here.

Shares of Microsoft closed at $29.61 yesterday.

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