Microsoft upgraded to Buy from Neutral at Citi

Citi analyst Walter Pritchard upgraded Microsoft to Buy from Neutral with a price target of $272, up from $229. The “relatively slow-moving enterprise IT” is likely to accelerate cloud adoption, which favors Microsoft’s Azure over its peers, Pritchard tells investors in a research note. Further, an increased reliance on digital is likely to boost Office 365 premium adoption, adds the analyst. He expects this strength to drive share outperformance in 2021.