尽管奥本海默提高了价格目标，微软仍下滑

2026-09-22 23:32

Microsoft (MSFT) shares slipped 1.3% on Tuesday even as Oppenheimer upped its price target to $570 from $515 following a meeting with company management.
"We left the meeting comfortable that our acceleration with capital discipline thesis for MSFT remains intact," Oppenheimer analyst Brian Schwartz wrote in a note to clients. "In our view, Azure and M365 commercial can sustain business acceleration in FY27 as Copilot monetization remains strong, more compute capacity comes online, and as customers increasingly standardize on Microsoft as the primary enterprise AI platform. Further, efficiency gains and capital discipline are key focuses and yielding more predictable capex and positive FCF this year, unlike some hyperscaler peers. On balance, there is multiple risk that AI disruption and pull-forward of some 2HCY26 enterprise IT spending moderates Azure and M365 commercial revenue growth heading into CY27, compresses cloud margin, and/or capex efficiency decreases."
Schwartz has an Outperform rating on Microsoft.

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