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Wall Street sets Microsoft stock price for the next 12 months

Wall Street sets Microsoft stock price for the next 12 months

Technology industry giant Microsoft (NASDAQ: MSFT) shares continued to post substantial numbers in the previous period, especially after unveiling its Q1 2024 financial report. In what was a pleasant surprise, the company overachieved Wall Street expectations.

After the release of the earnings report, MSFT stock experienced an increase fueled by the Q1 reported gain of $56.5 billion in the same quarter. This sudden surge continued in the subsequent days, further bolstering its stock value.

Moreover, reported diluted earnings per share were $2.99, representing a pleasant 27% increase from the previous quarter, which was not expected by the NASDAQ’s consensus of traders, which forecasted an increase to $2.65 per share.

Since the earnings announcement, MSFT’s stock has continued an uptrend and was trading at $370.62 per share on Tuesday, November 14, at the time of publication, after a gain of 1.12% in the previous 24 hours, gaining 2.49% of its value in the past five days.

MSFT 7-day stock price.  Source: Finbold
MSFT 7-day stock price. Source: Finbold

Over the last month, this stock has been trading within a range of $326.67 to $371.61, and it’s currently close to the upper end of this range. With prices experiencing a notable increase recently, it’s advisable to initiate new long positions now.

Wall Street’s forecast for MSFT

With the expected market’s response to Microsoft’s earnings, the company’s Q3 report demonstrated solid fundamentals.

The opinion about this stock is reflected in analysts’ price targets. Notably, Wall Street analysts’ average 12-month price objective for MSFT currently stands at $407.76, implying around 9.86% further upside compared to the current share price.

Wall Street analysts’ average price target for MSFT.  Source: TipRanks
Wall Street analysts’ average price target for MSFT. Source: TipRanks

The stock has an average analyst rating of ‘Strong Buy,’ based on 30 ‘Buy’ recommendations, while only 1 advised ‘Hold,’ and none suggested a ‘Sell.’

Another positive indicator is that this stock is trading close to the lowest price target prediction of $375 and is poised to achieve it soon.

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