Most price target changes are spreadsheet events. An analyst updates a model, nudges a multiple, and a new number lands in a research note before the opening bell.

Sitting across the table from management is different. Executives won’t hand over fresh guidance, but an analyst can read the room, notice which products get the most airtime, and judge whether the confidence sounds rehearsed or earned.

That matters more than usual for Microsoft right now. The software giant just posted some of the strongest cloud numbers in its history, yet its stock has spent much of 2026 lagging the broader market as investors fret over how much it’s spending on artificial intelligence.

If you own an S&P 500 index…