Yesterday, Microsoft’s stock price hit an all-time high of $2.59 trillion. The substantial change can be attributed to the company’s investment in ChatGPT parent OpenAI and commitment to generative AI and its deployment across its services and products.
The company’s shares closed up 3.2% at $348.10 per share, which cites over 45% gain in the year to date. In hindsight, the company has only been close to this range in 2021, with a record close of $343.11. The gains on Thursday spilled over to Friday’s premarket trading to reach $350.25.
On Thursday, JPMorgan analysts raised their target on Microsoft’s share price from $315 to $350, citing that the company’s investment and commitments to AI prompted the move.
We reaffirm our bullish-outlier viewpoint on generative AI and continue to see it driving a resurgence of confidence in key software franchises.
Of the 53 analysts covering Microsoft, 44 recommended buying shares from the company per Refinitiv’s findings at a median price target of $340.