Piper Sandler Raises Microsoft Price Target to $475
- Rating
- Buy
- Target
- $475
- from $435 (+9%)
- Outcome
- Reached
- on June 12, 2025
What the analyst said
Piper Sandler analyst Brent Bracelin raised the price target on Microsoft (NASDAQ: MSFT) to $475 (from $435) while maintaining an Overweight rating.
“Better-than-feared results and acceleration in Azure (approaching $80B run-rate) contributed to a 7% after-hours relief rally in MSFT shares. Azure growth surprisingly accelerated to 35% cc (vs.
31-32% guide) on a combination of non-AI outperformance and continued AI momentum.
Capex+lease declined q/q slightly for the first time in ten quarters with commentary of continued dollar increases, but with a Goldilocks outlook that long-lived assets (50%+ of spend) could moderate while balancing intra-quarter compute demand and supply.
Our forecast revisions on downstream impact to policy and tariff changes last week appear too aggressive.
We are raising estimates and our PT to $475 from $435, factoring in higher estimates on Azure acceleration.
The implied CY26E EV/OCF multiple of 23x (comparable to 5-year average of 22x) remains prudent given macro uncertainty.”
The price target and rating on this page are the opinion of the issuing research firm and its analyst, not of Price Target. This page is published for informational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security. Past performance does not guarantee future results. Consider your own circumstances and consult a licensed financial adviser before making investment decisions.
This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.
Where the price stands
MSFT trades at $535. The 26 analysts who set a target in the last 3 months range from $510 to $700, with a median of $581. This $475 target is 18% below the median, the lowest on the Street.
Since the note MSFT has moved +35% (from $395). The 12-month window closed on May 1, 2026.
Track record
This call✓ Target reached on June 12, 2025, 42 days after the note.
Firm track recordPiper Sandler: 84% of its 19 targets at least a year old were reached within 12 months (#9 of 20 firms); on Microsoft, 2 of 2. Accuracy ranking →
Piper Sandler on Microsoft
Piper Sandler price targets on Microsoft
6 calls from April 23, 2025 to September 30, 2026. The target went from $435 to $610 (+40%). The rating stayed Buy.
- September 30, 2026Target raised from $540 (+13%)Buy$610
- July 28, 2026Kept the $540 targetBuy$540
- May 26, 2026Kept the $540 targetBuy$540
- April 30, 2026Target raised from $475 (+14%)Buy$540
- May 1, 2025 This noteTarget raised from $435 (+9%)Buy$475
- April 23, 2025Earliest call shownBuy$435
