JPMorgan analyst, Mark Murphy, reiterated his Overweight rating on shares of Microsoft (NASDAQ: MSFT) after Azure showed no deceleration, growing 76% in the quarter despite its scale and concerns about the macroeconomic environment.

The analyst stated "Overlaying fundamental strength with numerical mechanics, we still expect MSFT shares to be in a holding pattern for a quarter or two into the headwind of very tough comps this summer, with revenue growth decelerating to ~7%, but we would look through this period for sustained share gains in a broad array of large and sticky markets". No change to the price target of $115.

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Shares of Microsoft closed at $104.40 yesterday.