Goldman Holds $610 Target After 18% Revenue

Goldman Sachs maintains buy rating on Microsoft with a 12‑month price target of $610 despite shares slipping.
Microsoft posted Q3 fiscal revenue of $82.9 bn, up 18% YoY and 2% above estimates, and non‑GAAP EPS $4.27, up 23% YoY.
Azure guided to 39‑40% constant‑currency growth in FY Q4, and Microsoft projects $190 bn capex for 2026, $120 bn in H2, 45% above estimates.
Microsoft reported 20 million Copilot seats, fastest quarterly addition, and efficiency gains of 67% for transcription and up to 260% for image generation.