Heading into earnings, analysts at Bank of America Merrill Lynch, KeyBanc Capital Markets and Stifel signaled they were expecting annualized Azure growth to fall to about 68%, which would be the lowest level in at least four years. The moderating Azure growth is more about the law of large numbers than falling demand, Stifel analysts led by Brad Reback, who rate Microsoft as a buy, wrote in a note distributed to clients on Sunday.
"Our partner conversations this quarter continued to emphasize Azure's momentum, which are enabling the company to significantly outpace the overall market's growth as they see Azure contract commitments seeing significant uplift in terms of contract value and duration," Goldman Sachs analysts led by Heather Bellini, who have a buy rating on Microsoft stock, wrote in a Thursday note.
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