Stifel analyst Brad Reback raised his price target for Microsoft to $200 from $175 saying the company last night delivered another strong quarter with all key financial metrics coming in ahead of guidance and estimates. Over the last several quarters, it has become increasingly clear, based on large enterprise cloud deal activity and strong hybrid cloud growth, that Microsoft is effectively tapping into sizable Tier-1 enterprise workloads, Reback tells investors in a post-earnings research note titled “Cloud, Cloud, Cloud…Raising TP to $200.” This leads to a significant expansion in Microsoft’s total addressable market and “should support growth at scale for many years to come,” adds the analyst. He believes this positions Microsoft to deliver sustainable double-digit revenue, operating profit, and free cash flow growth. Reback keeps a Buy rating on the shares, which are trading up 3.5% to $173.92 in the premarket.