Microsoft Stock Rises on Stifel Upgrade to 'Buy'

Microsoft's stock price rose by 1.3% on Wednesday after analyst Brad Reback of Stifel upgraded his rating to 'buy' from 'hold', a move that represents a vote of confidence in the company.

The upgrade comes despite Microsoft's underperformance this year, with shares closing at $498 on Tuesday. However, Reback's new price target of $575 offers upside potential of almost 16% from Tuesday's close.

This upgrade from Stifel is significant because it represents one of the last remaining Wall Street firms to have been cautious about Microsoft's stock this year.