By Proactive
Publication Date: 2026-04-27 19:55:00
Microsoft Corp (NASDAQ:MSFT) shares have slid roughly 12% since its fiscal second-quarter results, and heading into Wednesday’s fiscal third-quarter report, Jefferies thinks the stock’s story is ready for a rewrite.
The culprit behind the selloff has been investor frustration over the lack of a near-term inflection in both Azure and the Microsoft 365 Commercial business. But according to Jefferies, the setup into this quarter looks better than the headlines suggest.
This quarter, the bigger focus is on Microsoft 365 Commercial and whether Copilot is actually gaining traction with enterprise customers.
Jefferies notes that M365’s fiscal third-quarter guidance of 13–14% constant-currency growth implies a slight deceleration at the low end compared to recent quarters. The firm views consensus expectations for fiscal fourth-quarter growth of 14%…
