Microsoft Corp. (NASDAQ: MSFT) stock negated all losses from 2022 this year and made all-time highs just a month ago in July. Can it keep the upward momentum?  

Wall Street analysts believe the Microsoft stock will make new highs within the next 12 months.

The average analyst target price sees a 19% gain

Analyst consensus at TipRanks is a ‘strong buy’ for the MSFT stock based on 35 analysts in the last three months. Their average price target is $391.52, which is 19.73% higher than the current price of $327.

TipRanks analyst price target for MSFT. Source: Interactive Brokers Fundamentals Explorer

Microsoft Q4 results beat analyst expectations on earnings and revenue. Revenue rose 8% year-over-year, while growth has come under 10% for three consecutive quarters. Net income is up 19% from the same quarter a year ago.

The company expects the Q1 2024 revenues to be similar, with a record $53.8-$54.8 billion in revenues.

If this plays out, the stock price should reflect the results and reach analyst estimates.

Microsoft stock technical analysis

The stock price has been trading in an ascending channel for most of 2023 before reaching a top at $366. This made higher highs on the long-term charts, meaning we could see another attempt to break $366 in the coming months.

Currently, the stock price stopped around $320, which is a support level, and bounced back. If this price level holds, another attempt at $350 and $366 is likely to follow.

MSFT stock, weekly price chart. Source: StockCharts.com

But if the $320 level fails to hold the price, we could see a revisit of $300 soon.

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This pullback could provide a good buying opportunity if you’re long-term bullish on the stock.
MSFT has already outperformed the S&P 500’s 16% return year-to-date, with a 36% gain during the same period.

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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

The post Wall Street sets Microsoft stock price for the next 12 months appeared first on Finbold.

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Dennis is a business and financial writer, who had spent almost his entire life independently reporting on different business ventures with major impact on the US and global economy. Dennis places a special focus on examining tech stocks, biotech stocks all while investing a great part of his early hours to researching and writing on the companies in the US markets. Dennis has 15+ years of experience in financial markets.