CLSA Microsoft · MSFT

CLSA Reiterates Outperform on Microsoft, $535 Price Target

Analyst: Bhavtosh Vajpayee 1 min read Reproduced verbatim
Rating
Outperform
Unchanged
Target
$535
Unchanged
Outcome
Reached
on October 9, 2026
CLSA and Microsoft logos

What the analyst said

CLSA analyst Bhavtosh Vajpayee reiterated an Outperform (2) rating and $535 price target on Microsoft (NASDAQ: MSFT).

“43% YoY growth in Azure cloud revenue in 4QFY26 will gladden investors, but we are also pleased by the strong addition of paid seats in Copilot, which rose to 30m, from 20m in the prior quarter.

While acknowledging missteps in the Copilot rollout, we contend Microsoft holds one of the cleanest optionalities in AI – conversion of its 450m+ M365 seats to Copilot paying seats.

30m is just a start. At 20x FY27CL GAAP PE, the stock looks unusually cheap for a high-teens top-line Cagr.

We retain an Outperform rating with a target price of US$535, based on 25x Dec 27CL calendarised earnings.”

Disclaimer
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 $531. The 28 analysts who set a target in the last 3 months range from $515 to $750, with a median of $630. This $535 target is 15% below the median.

Since the note MSFT has moved +36% (from $391). 12-month window: day 99 of 365, closes on July 30, 2027.

Track record

This call✓ Target reached on October 9, 2026, 3 months after the note. Same target as this firm’s July 20, 2026 note, so it is scored there.

Firm track recordToo early to score CLSA: price targets are 12-month calls and fewer than 5 of its targets are a year old. 3 of its 9 open targets have already been reached. How we score

Earnings reactionOne of 18 notes after Microsoft’s Jul 29 results: 10 raised · 1 cut · 7 kept. See every call →

CLSA on Microsoft

CLSA price targets on Microsoft

2 calls from July 20, 2026 to July 30, 2026. The target stayed at $535. The rating stayed Buy.

CLSA targetMSFT share price
  1. July 30, 2026 This noteKept the $535 targetBuy$535
  2. July 20, 2026Earliest call shownBuy$535
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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.