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Microsoft has become one of the most valuable companies in the world, it has nearly quadrupled in price over the past 5 years. However, the recent sell-off in the technology sector that had started at the beginning of the year caused traders and investors to reassess the tech sector’s high valuations. But if history is to repeat itself, then this could be a unique buying opportunity, for companies like Microsoft that have solid fundamentals and a bright outlook.
The tech giant has recently reported better than expected earnings and revenue for Q2 2022, and also delivered a strong forecast for Q3 2022.
Microsoft beats estimates on both top and bottom line, revenue increased by 20% from a year earlier, and its net income grew by 21%. In addition, Amy Hood, Microsoft’s Finance Chief, expects revenue to be $49.3 billion in Q3 2022, beating the consensus of $48.23 billion.
But what has captured investors’ attention is the company’s gaming business, which has been in the spotlight after Microsoft had announced that it would acquire Activision Blizzard for $68.7 billion in an all-cash deal. Gaming is now one of the largest and fastest-growing forms of entertainment today, with three billion people actively playing games today, with this acquisition Microsoft will become the world’s third-largest gaming company by revenue. This acquisition will accelerate the growth in the Microsoft gaming business and will provide the building blocks for the Metaverse a “trillion-dollar opportunity”.
Microsoft is a “Strong Buy” based on 26 Wall Street analysts, offering a 12-month price target, with a high estimate of $425, an average price target of $375, and a low-price target of $320.
Microsoft is currently sitting above the 200-day moving average of $298, a break from the $300 price level, next target for traders will be the 50-day moving average of $310. We have witnessed three consecutive sessions of buying volume, if sustained we could witness potential further upside movement. However, with geopolitical risks and the Ukraine Russia war in sight, traders and investors should expect high volatility. RSI levels remain right below the 50% midline, signaling a neutral trend. If selling volume increases next key support to watch is the $280 level.
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