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Citi cuts Microsoft price target, citing foreign exchange headwinds

By Tanya J. Montague 3 weeks ago

Microsoft faces slowing PC demand and foreign exchange headwinds that could hit profits in the near-term, Citi said Tuesday. “We lower our Q4 estimates on mostly FX, and weaker PC’s, while our FY23 embeds more macro conservatism and slower growth across key commercial businesses,” wrote analyst Tyler Radke in a note to clients as he trimmed the bank’s price target from $364 to $330 a share. The comments from Citi come after the technology giant said in June that its fourth-quarter results would take a hit from foreign exchange moves and lowered its guidance for the period. Citi continues to view the stock as a “good place to hide,” but despite strong demand for its Office 365 and Azure commercial cloud products, Radke believes Microsoft will suffer from a dropdown in IT spending during the second half of 2022. While shares of Microsoft have fallen 24% this year, the fresh price target from Citi reflects a near 30% potential upside for the stock. Along with Citi, Mizuho lowered its price target on Microsoft to $340 from $350 a share, citing similar headwinds. The new target implies that the stock could potentially rally another 33.7% from Monday’s close. — CNBC’s Michael Bloom contributed reporting

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