TD Cowen Microsoft · MSFT

TD Cowen Raises Microsoft Price Target to $650

Analyst: Derrick Wood 1 min read Reproduced verbatim
Rating
Buy
Target
$650
from $625 (+4%)
Upside
+23%
MSFT at $530 today
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What the analyst said

TD Cowen analyst Derrick Wood raised the price target on Microsoft (NASDAQ: MSFT) to $650 (from $625) while maintaining a Buy rating.

“The Spend Is Heavy But Returns Look Heavier; Azure beat by 3pts & posted a recent record high 6pts of acceleration, while 2Q guide was 5pts ahead of Street and calls for a 5-handle.

Foundry & OpenAI were key sources of upside.

This came in spite of delays in some 3P GPU-as-a-Service capacity deliveries, as GPU efficiency gains helped drive incremental capacity.

Strong growth acceleration & margin upside warrant a continued rally in shares.”

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 $530. The 28 analysts who set a target in the last 3 months range from $515 to $750, with a median of $635. This $650 target is 2% above the median.

12-month window: day 0 of 365, closes on October 29, 2027.

Track record

This callOpen: a 12-month target, scored on October 29, 2027, a year after the note.

Firm track recordTD Cowen: 87% of its 31 targets at least a year old were reached within 12 months (#9 of 21 firms). Accuracy ranking →

Earnings reactionOne of 23 notes after Microsoft’s Oct 28 results: 21 raised · 0 cut · 2 kept. See every call →

TD Cowen on Microsoft

TD Cowen price targets on Microsoft

7 calls from July 17, 2025 to October 29, 2026. The target went from $580 to $650 (+12%). The rating stayed Buy.

TD Cowen targetMSFT share price
  1. October 29, 2026 This noteTarget raised from $625 (+4%)Buy$650
  2. October 15, 2026Target raised from $540 (+16%)Buy$625
  3. June 4, 2026Kept the $540 targetBuy$540
  4. May 15, 2026Kept the $540 targetBuy$540
  5. April 30, 2026Kept the $540 targetBuy$540
  6. April 29, 2026Target cut from $580 (−7%)Buy$540
  7. July 17, 2025Earliest call shownBuy$580
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Other analysts on Microsoft

UBSBuy Raised price target +4%, kept rating Oct 29 $700from $675 CantorBuy Raised price target +4%, kept rating Oct 29 $630from $608 DA DavidsonBuy Raised price target +18%, kept rating Oct 29 $650from $550 ScotiabankBuy Raised price target +4%, kept rating Oct 29 $650from $625 TruistBuy Raised price target +5%, kept rating Oct 29 $630from $600
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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.