2026년 2월 6일 · Unknown · financial · 출처 Yahoo Finance
This article first appeared on GuruFocus.
Microsoft (NASDAQ:MSFT) shares slid about 5% Thursday after Stifel downgraded the software giant to Hold from Buy, citing cloud supply constraints, rising investment needs and intensifying competition in artificial intelligence.
Analyst Brad Reback also cut Stifel's price target to $392 from $540, saying Wall Street expectations for fiscal and calendar 2027 appear too optimistic.
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The firm flagged ongoing limits in Azure capacity, noting that near-term cloud acceleration looks unlikely as Google's GCP and Gemini platform show strength and Anthropic gains momentum.
Stifel also warned that Microsoft's spending cycle is entering a heavier phase. The firm lifted its fiscal 2027 capital expenditure estimate to about $200 billion, well above the Street's roughly $160 billion forecast. Higher investment is expected to pressure margins, with Stifel lowering its fiscal 2027 gross margin outlook to around 63%, below consensus near 67%.
Reback said revenue trends could normalize after fiscal 2026 benefited from multiple product launches, while operating margin leverage may face headwinds as Microsoft builds and commercializes its own AI tools.
While Stifel still views Microsoft as well positioned over the long term, it said near-term visibility has grown cloudier, adding that the stock may not re-rate until capital spending slows or Azure delivers stronger growth.
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