Microsoft has passed a $1 trillion market cap after last night's fiscal third-quarter earnings beat
The shares of tech giant Microsoft Corporation (NASDAQ:MSFT) are soaring today, after the company posted third-quarter earnings and revenue that exceeded analysts' expectations. The Dow stock has now surpassed a $1 trillion market cap, and the company is forecasting even more growth for its Azure cloud business going forward. In response, the stock is up over 4% this morning, hitting a record high of $131.37.
The brokerage bunch is already chiming in. At least seven analysts have lifted their price targets, including J.P. Morgan Securities, Mizuho, and Jefferies. The consensus 12-month target price of $139.13 now represents a 6% premium to current levels. Plus, prior to yesterday's blowout report, 20 analysts were on board with "strong buy" ratings, while only two called MSFT a "hold" or worse.
MSFT has staged an impressive rally on the charts since bottoming at eight-month lows on Dec. 24. Since its plummet, the stock has gained nearly 40%. The equity has seen recent upward support from its 10-day moving average, and in addition to hitting another record high today, Microsoft stock is set for its sixth consecutive day of touching new highs -- good news for the options bulls that were betting ahead of earnings.