Upgrading to Overweight
We are upgrading Microsoft to Overweight as we assume coverage and reassess the company's long-term potential. Microsoft has successfully managed the cloud transition, and having materially expanded its addressable market in so doing, should now be a primary beneficiary as enterprises increasingly embrace the cloud. We forecast mid-teens EPS growth with upside risk from both Azure and Office, and expect the stock's multiple to at least be maintained, supporting a $125 YE19 PT.Microsoft is a technology company. The company develops and supports software, services, devices, and solutions. The company provides an array of services, including cloud-based solutions as well as solution support and consulting services. The company also delivers relevant online advertising. The company's products include operating systems; cross-device productivity applications; server applications; business solution applications; desktop and server management tools; software development tools; and video games. The company also designs, manufactures, and sells devices, including personal computers, tablets, gaming and entertainment consoles, other devices, and related accessories.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
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