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Effective URL: https://investorplace.com/2024/08/take-advantage-of-the-tech-selloff-and-buy-microsoft-stock/?utm_source=ipdg&utm_medium=e...
Submission: On August 11 via api from BE — Scanned from DE

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 * Take Advantage of the Tech Selloff and Buy Microsoft Stock


TAKE ADVANTAGE OF THE TECH SELLOFF AND BUY MICROSOFT STOCK

Wall Street analysts continue to upgrade Microsoft stock

5d ago · August 5, 2024 By Joel Baglole, InvestorPlace Contributor
 * A buying opportunity has opened up with Microsoft (MSFT) stock down 13% in
   the last month. 
 * The share price has dropped despite the company reporting strong Q2 financial
   results. 
 * Analysts rate Microsoft stock a “strong buy” and see 25% upside in the share
   price. 




Source: NYCStock / Shutterstock.com

Microsoft (NASDAQ:MSFT) delivered a Q2 print that was strong overall and
exceeded Wall Street targets on the top and bottom lines. Most analysts raised
their targets on Microsoft stock after the Q2 earnings were made public.

However, MSFT stock has been pulled lower since the beginning of July amid the
broad pullback in technology securities. In the last month, Microsoft stock has
declined 13%. This presents a golden opportunity to buy-the-dip in a
best-in-class stock that has a track record of rewarding shareholders.




STRONG RESULTS

Microsoft reported EPS of $2.95 for this year’s second quarter, ahead of the
$2.93 that was forecast by analysts who track the company’s progress.

Total revenue in the quarter came in at $64.73 billion, which beat Wall Street’s
consensus expectation of $64.39 billion. The company’s total sales were up 15%
from a year ago.

Sales of office software products rose 11% from a year ago, while sales of the
Windows operating system saw sales grow 14%. In gaming, Microsoft now has over
500 million monthly active users through its Xbox unit.

Despite the strong results, Microsoft stock ended up dipping with the quarterly
results because revenue for its cloud computing unit missed Wall Street’s
target.

The cloud computing unit earned $28.52 billion in revenue, which was less than
the $28.68 billion that analysts had penciled in.

However, even though sales in the cloud segment fell short of expectations, they
were still up 19% from a year earlier. Revenue from the Azure public cloud and
other cloud services grew 29% year-over-year.



Of that 29% growth for Azure and other cloud services, Microsoft said that eight
percentage points came from its artificial intelligence services.

Company executives forecast cloud computing revenue growth of 28% to 29% for the
rest of this year, with growth accelerating in the first half 2025.

While the immediate reaction to Microsoft’s Q2 cloud computing results was
negative, the current situation and outlook for the company’s cloud segment is
actually pretty good.


ANALYST UPGRADES

A lot of analysts raised their price targets on Microsoft stock heading into the
Q2 financial results.

Piper Sandler (NYSE:PIPR) lifted its price target on the shares to $485 from
$465 and reiterated a “buy” equivalent rating. The analysts there said we could
see double-digit cloud computing growth through 2030.

After the Q2 print, analysts have continued to upgrade MSFT stock. Wells Fargo
(NYSE:WFC) just raised its price target on Microsoft stock to $515 from $500 and
kept its “overweight” rating, saying they buy on any weakness. Wells Fargo
doesn’t expect the shares to stay down for long.



Microsoft stock currently enjoys a consensus “strong buy” rating. A total of 26
professional analysts give MSFT stock a unanimous “buy” rating. There are no
“sell” or “hold” ratings on the stock currently.

The median price target on Microsoft stock is 25% higher than where the shares
are trading at presently. The lowest price target on the company’s shares is 15%
above current levels.

The bottom line is that Wall Street remains extremely bullish on Microsoft and
its outlook.


BUY MICROSOFT STOCK

The Nasdaq composite index has entered a correction, defined as a 10% decline
from recent highs.

While stressful in the near-term, the pullback has opened up opportunities for
investors to buy some truly great stocks at a discount. And no bigger
opportunity exists right now then with Microsoft.

With the company’s share price down nearly 15% in the last month, investors
should take advantage of the situation and take a position or add to an existing
one. Microsoft stock is a buy.

On the date of publication, Joel Baglole held a long position in MSFT. The
opinions expressed in this article are those of the writer, subject to the
InvestorPlace.com Publishing Guidelines.

On the date of publication, the responsible editor did not have (either directly
or indirectly) and positions in the securities mentioned in this article.

Joel Baglole has been a business journalist for 20 years. He spent five years as
a staff reporter at The Wall Street Journal, and has also written for The
Washington Post and Toronto Star newspapers, as well as financial websites such
as The Motley Fool and Investopedia.

Consumer Discretionary, Retail, Technology, Software



Submit



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Article printed from InvestorPlace Media,
https://investorplace.com/2024/08/take-advantage-of-the-tech-selloff-and-buy-microsoft-stock/.

©2024 InvestorPlace Media, LLC


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