Wells Fargo Microsoft · MSFT

Wells Fargo Maintains Microsoft at Overweight, $650.00 Price Target

1 min read Reproduced verbatim
Rating
Overweight
Unchanged
Target
$650
from $625 (+4%)
Upside
+21%
MSFT at $536 today
Wells Fargo and Microsoft logos

What the analyst said

Wells Fargo reiterated its Overweight rating and $650.00 price target on Microsoft following Day 1 of Microsoft Build.

Our Call

MSFT’s intro of 7 new 1p models was the key announcement, esp reasoning & coding (as expected, our preview/deep dive here).

Enterprise readiness also an important theme (Rayfin, MXC, Microsoft IQ, MDASH, etc); continue to see MSFT making right moves.

New models reducing reliance on 3p, enable better margins

MSFT launched new models across coding, reasoning, image, voice, and transcription.

Most notable are its new mid-size flagship reasoning model MAI-Thinking-1, trained w/o any distillation techniques, and its new coding model, MAI-Code-1-Flash, cheaper and more efficient for coding inference workloads & purpose built for VS Code and GitHub Copilot.

Expect both major steps fwd in reducing 3p reliance / margin unlocks.

Exhibit 1 — MAI-Code-1-Flash Outperforms Claude Haiku 4.5. Source: Microsoft AI. https://microsoft.ai/news/introducingmai-code-1-flash/

Agentic headlines in focus w/ new OpenClaw-powered Autopilot, Hosted Agents in Foundry

MSFT introduced its new ‘always-on’ Autopilot agents that stay active in the background, powered by open source OpenClaw technology.

Microsoft also announced Microsoft Scout, its first Autopilot agent, in experimental release.

Also, MSFT will soon GA (in next few weeks) Hosted Agents in Foundry Agent Service allowing MSFT to build and run agents on its platform with important surrounding functionality.

Governance, security building the agentic foundation

MSFT delivered numerous advances in making agentic AI more usable for enterprises, incl 1) Microsoft Execution Containers, MXC, making frameworks such as OpenClaw more secure, 2) Rayfin, an opensource SDK & CLI that helps spin up functional backends for apps (on Fabric)…

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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 $650 target is 3% above the median.

Since the note MSFT has moved +16% (from $461). 12-month window: day 156 of 365, closes on June 2, 2027.

Track record

This callOpen: MSFT has not reached $650 yet. This 12-month target is scored on June 2, 2027.

Firm track recordWells Fargo: 65% of its 34 targets at least a year old were reached within 12 months (#21 of 26 firms). Accuracy ranking →

Wells Fargo on Microsoft

Wells Fargo price targets on Microsoft

7 calls from July 31, 2025 to October 29, 2026. The target went from $650 to $750 (+15%). The rating stayed Buy.

Wells Fargo targetMSFT share price
  1. October 29, 2026Target raised from $700 (+7%)Buy$750
  2. August 12, 2026Target raised from $650 (+8%)Buy$700
  3. July 30, 2026Target raised from $625 (+4%)Buy$650
  4. July 15, 2026Target cut from $650 (−4%)Buy$625
  5. June 2, 2026 This noteTarget raised from $625 (+4%)Buy$650
  6. April 30, 2026Target cut from $650 (−4%)Buy$625
  7. July 31, 2025Earliest call shownBuy$650
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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.