Microsoft: Wedbush raises TP with ChatGPT
(CercleFinance.com) - On Thursday Wedbush Securities raised its target price for Microsoft shares to $340 (from $325) in anticipation of the growth likely to be generated by the features of ChatGPT.
The US broker - which has an "outperform" rating on the stock - believes it has become increasingly clear in recent weeks that artificial intelligence represents a "transformational" change for the technology sector.
In this regard, Microsoft is in the "driver's seat", it adds, estimating that the software giant could grow its cloud market by 35% to 40% in the coming years thanks to AI.
By monetising the opportunities presented by ChatGPT and AI on both the consumer and enterprise sides of the market, Microsoft could add between $25 and $30 per share to its sum-of-the-parts valuation, Wedbush adds, which says that it is keeping the stock firmly in its top investment ideas list.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The US broker - which has an "outperform" rating on the stock - believes it has become increasingly clear in recent weeks that artificial intelligence represents a "transformational" change for the technology sector.
In this regard, Microsoft is in the "driver's seat", it adds, estimating that the software giant could grow its cloud market by 35% to 40% in the coming years thanks to AI.
By monetising the opportunities presented by ChatGPT and AI on both the consumer and enterprise sides of the market, Microsoft could add between $25 and $30 per share to its sum-of-the-parts valuation, Wedbush adds, which says that it is keeping the stock firmly in its top investment ideas list.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.