Microsoft and ServiceNow Get Price Targets Boosted Amid AI-Fueled Growth
Cantor Fitzgerald analyst Thomas Blakey has raised price targets for two key tech stocks. For Microsoft Corp (NASDAQ:MSFT), he increased the target from $522 to $608, while maintaining an Overweight rating.
Blakey also raised the price target for ServiceNow Inc (NYSE:NOW) from $141 to $174, reiterating an Overweight rating.
The analyst noted that software as a group has declined by 1.4% year-to-date, lagging behind the S&P500's 11.4% gain and the NASDAQ's 13.6% rise. However, the PHLX Semiconductor Sector Index (NASDAQ:SOX) has been the best-performing tech index with a 65.7% increase.
Blakey highlighted several initiatives driving Microsoft's growth, including its partnership with Marvell Technology Inc (NASDAQ:MRVL) and Utimaco to launch Azure Payment HSM v2, a managed cloud payment-security platform.