JPMorgan analyst Mark Murphy upgraded Microsoft to Overweight from Neutral and raised his price target for the shares to $110 from $94 following last night’s Q3 results. The stock in premarket trading us up 4%, or $3.68, to $97.94. The global movement toward multi-cloud architectures will benefit Microsoft’s Azure, Murphy tells investors in a research note. Further, he believes the company’s “linkage to large digital transformation initiatives” and favorable positioning for hybrid cloud architectures create potential for additional upside.