BofA/Merrill Lynch upgraded Microsoft (NASDAQ: MSFT) from Underperform to Neutral with a price target of $46.00 (from $39.00). Analyst Kash Rangan noted year-to-date underperformance, easier comps, and its 3.3% dividend yield.

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 $44.26 yesterday.