Canaccord Adams Upgrades Microsoft (MSFT) to Buy, Citing Improved Earnings Picture
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Canaccord Adams upgrades Microsoft (Nasdaq: MSFT) from Hold to Buy and raised their price target from $24 to $34, following last week's impressive Q1 results. The firm said they are impressed with the initial interest in Windows 7, and more particularly with increased spending levels by consumers.
The firm raised FY10 revenue estimates by $300 million to $60.1 billion, while EPS improves by more than a dime to $1.80. The firm raised FY11 EPS by $1.2 billion to $64.6 billion and GAAP EPS moves up $0.07 to $1.97.
Analyst Peter Misek commented, "we believe Microsoft's improved earnings picture and potential for additional upward estimate revisions could be a catalyst for the shares heading into 2010."
Shares of MSFT are up 2.6% to $28.75 in early action today.
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