Microsoft Corporation (MSFT) Valuation
Rating: Fairly Priced (Mid)
12-Month Fair Value: $338 – $386 – $434
Confidence: HIGH
Most defensive megacap. Enterprise cloud counter-cyclical. At $392, essentially at FV mid ($386). $625B RPO provides demand visibility. Copilot 15M seats. Smallest macro adjustment (-3% FV). Best NT R/R of any megacap at 1.14:1. HOLD/ACCUMULATE $360-380.
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