Goldman Sachs analyst Gabriela Borges raised the price target on Microsoft (NASDAQ: MSFT) to $610.00 (from $600.00) while maintaining a Buy rating.

The analyst comments "We increase our 12-month price target to $610 (vs. $600 prior), based on a 28x P/E (unchanged) multiple to Microsoft's SNTM adjusted net income while updating our estimates for 3QFY results and guidance. Key downside risks include: longer ramp for internal silicon which can limit market share gains or gross margin expansion, greater investments in projects outside of expectations (e.g., non-Azure), key leadership changes, and more meaningful shift to custom software that could negatively impact its applications business."