NEW YORK (TheStreet) -- Microsoft (MSFT) shares are climbing 0.5% to $47.40 in early market trading on Friday after the global technology company's stock had coverage initiated with an "overweight" rating by analysts at Piper Jaffray before the opening bell today.
The firm also set a $54 price target on the stock, suggesting a potential 14% upside from its current price.
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Analysts at the firm believe that the company will reap the benefits of increased business IT spending as well as increased interest in the company's cloud service products in the coming months.
In separate news, the company will also reportedly hold an event on January 21 to showcase the next iteration of its flagship software platform Windows 10.
TheStreet Ratings team rates MICROSOFT CORP as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate MICROSOFT CORP (MSFT) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, revenue growth, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels and good cash flow from operations. We feel these strengths outweigh the fact that the company has had sub par growth in net income."