Jefferies Maintains $675 Price Target on Microsoft

Jefferies analyst Brent Thill reiterated on November 24, 2025, a ‘Buy’ rating and $675 price target on Microsoft.

“Our key takes

Copilot adoption is accelerating, as product has matured, moving from gradual to enterprise-wide rollouts.

Agents are emerging, but still early – 1st half of 1st inning.

AI is driving growth in non-AI workloads, though MSFT faces capacity constraints.

Strong core cloud demand continues with MSFT capturing share of migrations due to its end-to-end platform.”

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