Broadpoint AmTech Upgrades Microsoft (MSFT) to Buy

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Broadpoint AmTech upgrades Microsoft (Nasdaq: MSFT) from Hold to Buy and raised their price target to $29, saying they are more optimistic regarding the upcoming holiday shopping season and initial demand when Windows 7 is released in October.

Analyst Yun Kim said their latest checks into the consumer PC market indicate better than expected back-to-school sales, which could lead to more positive Windows business in 2H of this calendar year than our initial expectation. Kim said, "we believe the consumer PC market (vs. the corporate PC market) represents the greatest source of variability in the company's overall business in the near-term, and that this positive trend could bolster its Windows business, which has been struggling over the past year, likely leading to greater stability in its overall financial performance.

Kim raised September quarter Windows sales estimates to $2.62B from $2.24B. The firm raised FY10 Client revenue to $16.23B, representing 10% growth vs. their previous estimate of $15.93B, representing 8% growth. F1Q EPS estimate has been raised to $0.33 from $0.30. FY10 estimate has been raised to $1.66 from $1.62. FY11 Client revenue growth rate has been raised to 10% from 8%.

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