Evercore Keeps $640 Price Target on Microsoft
Evercore ISI analyst Kirk Materne reiterated on November 20, 2025, an ‘Outperform’ rating and $640 price target on Microsoft.
“Earlier today, we hosted two investor meetings, the first with Microsoft President of Business & Industry Copilot Charles Lamanna, and the second with AvePoint Chief Financial Officer Jim Caci and Chief Strategy & Marketing Officer Mario Carvajal.
We believe both these meetings support our bullish sentiment coming away from Microsoft’s Ignite User Conference (see our full takeaways note, which includes partner commentary and key announcements) and Microsoft’s central role in driving AI and digital transformation at multiple layers of the stack.
In our conversation with Mr. Lamanna, we discussed Microsoft’s expanding scope across agents, BizApps, the Power Platform, and Agent 365 offering.
He emphasized that Agent 365 will serve as the core “registry of registries,” giving Microsoft a structural right to win as organizations grapple with agent sprawl and the need for access control, visualization, security, and interoperability.
He noted that customers remain early in data readiness, but agents can already deliver positive outcomes in software development, customer success, and sales and marketing.
He also highlighted that business applications will be fundamentally reshaped by agents, WorkIQ, and Copilot, with traditional app UI value declining as enterprises shift toward agent-driven experiences.
In our conversation with AVPT mgmt., we discussed the growing importance of agentic governance as enterprises face rapid agent proliferation, rising AI-generated data, and cross-vendor complexity.
We also covered how these trends create a clear opportunity for AVPT to lead in compliance, visibility, and identity-based monetization as hyperscalers remain focused on productivity and frontier models rather than governance.
Please see inside for our ‘top 5’ takeaways from each meeting and please reach out if you want to dive into some of our partner discussions in more detail.
We remain bullish on MSFT’s positioning in AI and believe that the recent pullback sets up an attractive buying opportunity heading into CY26.”
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