Microsoft Wins Over Last Holdout as Tech Stock Rises

Microsoft Corp.'s shares gained nearly 1% in pre-market trading after analyst Brad Reback raised his price target for the company to $575, a move that represents a vote of confidence from one of the few Wall Street firms that were cautious on the stock this year. The upgrade comes at Stifel, where Reback moved Microsoft's rating from hold to buy.

The new price target is in line with the average of other analysts who track the company and represents upside of almost 16% from Tuesday's close of $498. This move marks a significant shift for Microsoft, which has lagged behind other tech stocks this year.

Reback's upgrade is notable as it comes from one of the last holdouts on Wall Street that had been cautious on Microsoft's stock.