2026-07-15 · Citigroup (Tyler Radke)
Citi cut its Microsoft price target to $570 from $620 ahead of July 29 earnings, keeping its Buy rating and citing capex digestion as the near-term concern. Citi's cut had less to do with Microsoft specifically and more to do with where software stocks are trading broadly, with valuations across the software sector having come in, and Citi adjusted its price target to reflect current multiples rather than the higher ones baked into its prior estimate.
The bank said its view of Microsoft's business didn't change, the product checks Citi ran before publishing its note actually came back positive, Copilot adoption looks healthy, and the bank thinks Microsoft is in good shape to capture demand as companies start optimizing how much they spend on AI tokens. Microsoft spent $30.88 billion on capital expenditures in its fiscal third quarter, up 84.4% from the same period last year.
씨티 애널리스트 타일러 라드케는 마이크로소프트(MSFT) 목표가를 620달러에서 570달러로 8% 하향하면서도 매수 등급은 유지했다. 하향의 핵심은 MSFT 개별 펀더멘털 악화가 아니라 소프트웨어 섹터 전반의 밸류에이션 배수 조정이다. 실제 자체 제품 체크 결과는 긍정적이었고 코파일럿 채택도 견조했다고 명시했다. 다만 3분기 캐펙스가 전년比 84.4% 급증한 308.8억달러를 기록하며 여전히 투자심리에 부담을 주고 있다는 점은 위험 요인으로 남는다.
TheStreet — Citi revamps Microsoft stock price target for the rest of 2026