Deutsche Bank Adjusts Microsoft (MSFT) Estimates on Office 2013 Program

Deutsche Bank adjusted estimates on Microsoft (NASDAQ: MSFT) after the company announced that the Office 2013 upgrade program beginning October 19th 2012, offering customers who purchase a copy of Office 2010 a free upgrade to Office 2013. The firm estimates the program will run through June 2013.

The firm notes that since the upgrade program is expected to run through June 2013 and Office 2013 is expected to be launched in the 2013 timeframe, they expect deferrals in F2Q13 as well. While the company did not indicate the amount of deferrals for F1Q13, the firm estimate the deferrals to be in the $400m range, based on deferring 10 weeks of sales into the channel.

F1Q13 estimates change from $16.97b / $0.65 to $16.70b / $0.60 and oFY13 estimates change from $79.6b / $3.00 to $79.5b / $2.96.

The firm is maintaining a Buy rating and price target of $35.00.

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 $31.21 yesterday.

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