3 Big Reasons to Stick With the Rally in Microsoft

Microsoft stock is a big winner, and that has never been more clear than today…

This story was originally published here.

The novel coronavirus pandemic had a shot at knocking Microsoft (NASDAQ:MSFT) down. It did … for a little bit. Then the tech giant reported strong earnings at the end of April, and Microsoft stock came roaring back to all-time highs.

In a matter of weeks, Microsoft stock has gone from $190, to $130, back to $190.

What’s the next stop on this wild roller coaster ride for Microsoft stock? Prices above $200. Here are three big reasons why the red-hot rally in the stock will persist for the foreseeable future.

  1. The fundamentals are strong, with Covid-19 creating a surge in demand for Microsoft’s cloud-hosted infrastructure, communications, customer relationship management (CRM) and productivity tools.
  2. Microsoft stock remains reasonably valued.
  3. The technicals look strong, and imply that this rally has legs.

Strong Fundamentals

There was concern that the coronavirus pandemic was going to kill IT spending trends across the globe and create significant headwinds for Microsoft’s red-hot cloud business.

That didn’t happen.

Instead, over the past three months, Microsoft’s cloud business has actually gained momentum because Covid-19 has accelerated the pivot from on-premise to cloud-hosted workflows. Demand for Microsoft’s cloud-hosted infrastructure, communications, CRM, and productivity tools has consequently surged.

Last quarter, Office 365 commercial revenues rose 25% year-over-year, as more companies moved their workflows online. Dynamics 365 revenue rose 47% year-over-year. Azure revenue rose 59% year-over-year. Microsoft Teams grew its Daily Active User base by 70% quarter-over-quarter to 75 million users.

All in all, Microsoft’s cloud-based fundamentals remain strong today. They will remain strong for the foreseeable future, too, because the enterprise cloud pivot is here to stay. Strong fundamentals should support continued strength in Microsoft stock.

Editor's Note: Click here for the full story.

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