The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.NEW YORK ( TheStreet) -- Lately, I have begun to wonder if software giant Microsoft ( MSFT) is still a technology company -- not because it no longer deserves the distinction, but because the market doesn't always regarded the company in the manner that it does Apple ( AAPL) or Amazon ( AMZN).
Follow TheStreet on Twitter and become a fan on Facebook. What was interesting was that Microsoft attributed the increase in sales to surging enterprise demand for its Windows 7 software. Remarkably, its increase in Windows sales was greater than the overall increase in PC shipments. This suggest to me that perhaps the PC market is not as bad as once perceived and that just maybe it is possible that Microsoft can possibly benefit from a successful launch to narrow the gap between itself and the tech behemoth that is Apple. I will concede that most of my bullishness stems from what I anticipate will be its most successful OS launch since Windows 95. But for me, what really stood out from the call was that not only has the company fully embraced the reality of its current status, but it has also outlined a clear path to get to where it wants to be.
As great as the quarter was, there will be many who will jump at the chance to remind investors that the company is not out of the woods just yet in terms of the negative perception. And I think that's the correct approach to take as its recent track record of execution has done little to inspire confidence. How it handles the Windows 8 launch will go a long way toward restoring some of the level of respect that it has lost over the years. But I think the best way to assess Microsoft and its value is on its performance this current quarter, rather than what the competition is doing. At a stock price of 32 and trading at a P/E of 11, value investors with 12-to-24 month investment horizons should consider giving the company a long look at current levels as any degree of success with Windows 8 can push the stock to 40 easily this year.