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The Wedbush analyst has positively rated Microsoft shares for the past 2 years. During this period, the tech company has had a one-year high of $245.92 and a one-year low of $132.52.
Popular Wedbush analyst Daniel Ives has placed a buy rating on the shares of Microsoft Corp (NASDAQ: MSFT) and set the target for these shares at $300 from $285, while also moving his “bull case” target to $350 from $325. According to Ives, his “outperform rating” on the tech giant is not going to be lifted any time soon as he strongly believes that “the tide is shifting in the cloud arms race as Microsoft coming off its recent 50% Azure growth number is taking market share vs. AWS (28% YoY growth this quarter) based on our analysis.” This was contained in a note he wrote to clients recently. AWS here stands for Amazon’s cloud services company which is currently the market leader in the field.
Microsoft Shares Performance
Ives, who is a top 100 analyst with an average return of 40% and a 76% success rate, is not alone with this view, there is a general consensus on Wall Street generally that Microsoft shares have a Strong Buy rating among analysts who have pegged its average price at $280.86. Piper Sandler, another top analyst also gave the tech giant stock a Buy rating and a price target of $300.
The Wedbush analyst has positively rated Microsoft shares for the past 2 years. During this period, the tech company has had a one-year high of $245.92 and a one-year low of $132.52. Presently, the average volume of the firm stands at 28.29 million. However, recent corporate insider activity on the stocks of the company has a negative sentiment which means that more insiders are selling their shares of the company when compared to the beginning of this year.
Regardless of this, the company stock has rallied by 12.8% in the last three months through, and its Dow Jones Industrial Average has gained 5.0%. The company stock ended last Friday at a record high of $244.99. Today in the pre-market, Microsoft shares are 0.37% up.
New Browser for Playing Xbox Games on Phones and PCs
Reports have emerged that Microsoft is gearing to make its game-streaming service available on web browsers for their users. The tech giant had launched this service, dubbed xCloud, in September last year. It allows the users of the platform to stream and play Xbox games on their Android phones and tablets.
Presently, the Verge has reported that workers of the firm are currently testing a web version of this service before it is open for public use. This new development would mean the games can now be played on PCs and Apple-supported devices. In previous times, Apple Inc (NASDAQ: AAPL) had said it did not enable support for xCloud as it had to be sure that the service complied with its App Store rules.
The game is being tested on Google Chrome and Microsoft’s Edge. And the game still requires the use of an Xbox controller to play the games on the browser version.