Microsoft has not been an easy stock to own in 2026. It’s down more than 20% year to date and nearly 23% over the past year, a run that’s frustrated a lot of investors who expected the company’s AI push to show up in the share price by now. The spending has been enormous, Azure has kept growing, and the stock has moved in the wrong direction anyway.
July 15 brought another piece of news for Microsoft holders. Citi cut its price target on the stock from $620 to $570. The Buy rating stayed in place, and the bank said it still expects a strong fourth quarter. But a lower target is a lower target, and it’s worth understanding exactly what’s behind it and what it means for the months ahead.
