UBS analyst, Brent Thill, hosted a call with Mary Jo Foley, a Microsoft (NASDAQ: MSFT) expert covering the company for 2+ decades. During the call she helped recap last week's WW Partner Conference and provide an ongoing update around the company. The annual partner conference was highlighted by a newfound emphasis on Dynamics, with the new Dynamics 365 cloud bundle (CRM online, Dynamics AX, financials, avail this fall) built on Azure and more line-of-business-user focused (w/some interesting LNKD integration opps). The push to enterprise remains a big focus for W10, with bundling a key piece of the puzzle for the new OS. MSFT recently announced an E3 subscription plan for W10 available through the partner channel for $84/user/year, w/ a more advanced E5 plan (inc advanced threat protection) also in the works. On the new product side, Flow is MSFT's new event automation service, which fits well w/ BI/analytics and could see some overlap w/ NOW as the company ties this tool to more MSFT products. We continue to believe the right foundational pieces are in place for LT success (move to cloud, product vision, open approach to partnering) but near term, shares are likely range-bound until numbers start to inflect.

No change to Buy rating or price target of $59.

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Shares of Microsoft closed at $53.96 yesterday.