Goldman Sachs takes Microsoft off of their “buy list”, lowers stock target down to $28

Wed, Oct 6, 2010

Finance, News

With Windows Phone 7 devices set to hit the market in just a short while, it’s do or die time for Microsoft and their efforts to re-establish a foothold in a smartphone market where they now find themselves on the outside looking in. But even so, Microsoft’s revenues and profits continue to grow. Apparently, though, that’s not quite good enough for investors as Microsoft’s share price over the past 5 years has remained relatively stagnant.

Adding fuel to the fire, Goldman Sachs recently cut Microsoft form their “buy list” and assigned the stock a “neutral” rating on account of the uphill battle the company faces in regaining market share in the mobile sphere. In a research note to clients, Goldman Sachs analysts lowered their price target for Microsoft stock to $28, down from a previous target of $32.

Over the past 12 months, Microsoft’s share price has fluctuated between $23 and $31 a share. At the close of trading on Tuesday, shares were $24.35.

via Bloomberg



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