On Thursday, Bank of America reiterated its buy recommendation on Microsoft shares, while raising its price target from $430 to $450.

In a research note, the consultancy said it expects the software giant's growth to accelerate further this year, driven mainly by the success of its Office/M365 and Azure franchises.

In its view, the strength of these two suites could even enable the Redmond, Washington-based group to surprise on the upside when it publishes its second-quarter results.

The stock thus remains its "top pick" within the sector.

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