Not long ago, Microsoft looked like one of Big Tech’s laggards. Its shares were down more than 20% for the year heading into its late July earnings report.

Then Azure grew 43%, and the stock surged 9% the next day.

Analysts are now scrambling to catch up. Ahead of the company’s next report, a string of Wall Street firms, including TD Cowen, Mizuho and Citi, raised their price targets, and UBS made the biggest jump of the group.

Also read: Morgan Stanley finds a new twist in Microsoft’s AI story

UBS raises Microsoft stock target from $525 to $675

UBS raised its Microsoft price target to $675 from $525 and kept a Buy rating. Analyst Karl Kierstead noted that the shares have…