-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師總結如下：我們將12個月目標價從450美元上調至480美元，市盈率約為23倍，遠低於我們先前對2027財年每股收益20.70美元的預期，遠低於歷史平均水平，以反映軟體方面的擔憂和更高的支出計劃。在3月季度業績好於預期之後，我們將2026財年（截至6月）每股收益預期從16.17美元上調至16.78美元，並將2027財年每股收益預期從18.89美元上調至19.15美元。我們預計2028財年每股收益為22.43美元。 Azure在3月季度實現了40%的成長，這令我們感到鼓舞；而微軟365 Copilot在投資者擔憂的情況下表現令人驚喜，目前付費席位已超過2000萬。儘管該公司大幅提高了資本支出預期，計劃在2026財年投資約1,900億美元，但我們認為投資者已經預料到這一顯著增長，並認為這將支撐其成長。我們預計該公司將策略性地向「席位+消費」模式轉型，以更好地使定價與其人工智慧產品的價值和使用強度相匹配。儘管消費者和遊戲業務略顯疲軟，但我們對2027財年第二季的前景和預期依然穩健。
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