Barclays raises its Microsoft (NASDAQ:MSFT) target from $155 to $168, calling the company a winner in an uncertain period over software stock valuations.
The firm says software valuations a year out “are not cheap enough to necessarily trigger a new rush into the space,” increasing the focus on the data points of individual company.
Barclays also praises Microsoft’s recent surprise Pentagon JEDI cloud contract win over rival Amazon.
Rating reiterated at Overweight, matching the Buy-equivalent average Sell Side rating.
MSFT shares are up 0.4% pre-market to $143.88.