Bernstein: Azure Revenue Expected to Grow 45%, Microsoft Target Price Set at $662

Bernstein estimates that Azure and Office can accelerate simultaneously. With Copilot paid seats surpassing 30 million and capacity constraints easing, both businesses will grow in tandem, offering Microsoft a valuation re-rating opportunity. It maintains an Outperform rating, raising its price target from $660 to $662, representing 25% upside from the current stock price of $529.05.