is increasingly monetizing AI across its product portfolio and steadily expanding its investments to drive continuous innovation in this space.
In FQ3, Microsoft Cloud revenue advanced 23% to $35.1 billion. Azure revenue growth of 31% surpassed guidance by 300 basis points and topped the consensus estimate of 28.6%. For FQ4 , Azure is expected to grow 30% to 31%. Following the FQ3 report, JP Morgan raised its Microsoft price target to $470 from $440, saying Azure growth could accelerate over the next 12 months.
Goldman Sachs lifted its target by $65 to $515, saying the company offers a unique growth profile at scale, with the ability to expand both revenue and earnings by double-digits in FY’25 . Microsoft is well-positioned to capture share of generative AI revenue via its broad suite of AI services and productivity-centric focus, says the firm. Goldman Sachs raised its Azure forecast to better reflect the confluence of factors that can sustain 25% growth through FY’25.
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