Bank of America projects a big year for Microsoft's stock, saying its cloud business is poised to grow even larger.
Analysts at the bank named Microsoft one of its top software picks for 2020, raising the price target on the stock to $200 per share from $162. The new target represents a 27.7% rise from where the stock closed on Christmas Eve.
"Given that Azure has still not reached scale in terms of margins, it is still a meaningful driver for gross margins long term," the note said.
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