Piper Sandler Microsoft · MSFT

Piper Sandler Raises Microsoft Price Target to $540

Analyst: Billy Fitzsimmons 1 min read Reproduced verbatim
Rating
Overweight
Target
$540
from $500 (+8%)
Outcome
Reached
on October 12, 2026
Piper Sandler and Microsoft logos

What the analyst said

Piper Sandler analyst Billy Fitzsimmons raised the price target on Microsoft (NASDAQ: MSFT) to $540.00 (from $500.00) while maintaining an Overweight rating.

“F3Q Azure growth came in at 39% y/y cc, a stronger beat than F2Q (1.5 pts vs. 1 pt in F2Q) and a modest acceleration on a tougher comp (F2Q: +38% y/y cc).

The real standout however is the F4Q Azure guidance mdpt of 39.5% y/y cc (well above consensus of 36.9%) coupled with a modest acceleration slated for C2H26 (supported by new capacity coming online).

We view the Azure guide as impressive given Azure’s size/scale. MSFT disclosed 20M Copilot users (~4.4% of the base), up from 15M in F2Q.

We ended up getting the expected capex increase with mgmt guiding to $190B for CY26.

The number aligns with tgts from hyperscaler competitors, and we believe the spend will help ensure MSFT can meet the strong demand.

MSFT remains one of our two top picks, well positioned to capitalize on both OpenAI and Anthropic’s growth.

Increasing PT to $540.”

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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 $536. The 28 analysts who set a target in the last 3 months range from $515 to $750, with a median of $630. This $540 target is 14% below the median.

Since the note MSFT has moved +26% (from $424). 12-month window: day 189 of 365, closes on April 30, 2027.

Track record

This call✓ Target reached on October 12, 2026, 5 months after the note.

Firm track recordPiper Sandler: 78% of its 37 targets at least a year old were reached within 12 months (#15 of 26 firms); on Microsoft, 2 of 2. Accuracy ranking →

Earnings reactionOne of 15 notes after Microsoft’s Apr 29 results: 7 raised · 3 cut · 5 kept. See every call →

Piper Sandler on Microsoft

Piper Sandler price targets on Microsoft

8 calls from April 23, 2025 to October 29, 2026. The target went from $435 to $650 (+49%). The rating stayed Buy.

Piper Sandler targetMSFT share price
  1. October 29, 2026Target raised from $610 (+7%)Buy$650
  2. October 20, 2026Kept the $610 targetBuy$610
  3. September 30, 2026Target raised from $540 (+13%)Buy$610
  4. July 28, 2026Kept the $540 targetBuy$540
  5. May 26, 2026Kept the $540 targetBuy$540
  6. April 30, 2026 This noteTarget raised from $475 (+14%)Buy$540
  7. May 1, 2025Target raised from $435 (+9%)Buy$475
  8. April 23, 2025Earliest call shownBuy$435
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Other analysts on Microsoft

BairdBuy Raised price target +20%, kept rating Oct 30 $600from $500 ArgusBuy Kept rating Oct 30 UBSBuy Raised price target +4%, kept rating Oct 29 $700from $675 TD CowenBuy Raised price target +4%, kept rating Oct 29 $650from $625 CantorBuy Raised price target +4%, kept rating Oct 29 $630from $608
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Price Target is an archive of Wall Street analyst research, published for informational purposes only. Nothing on this site is investment advice, a recommendation, or an offer to buy or sell any security. Analyst ratings and price targets are the opinions of the issuing firms, not of Price Target. Always do your own research or consult a licensed financial adviser.