Microsoft stock spent most of 2026 in the penalty box. The AI spending looked too heavy. The returns were not yet visible.
Then the company reported fourth-quarter results on July 29, and the stock jumped more than 27%. Azure crossed $100 billion. Copilot showed real adoption numbers. The narrative shifted.
Two weeks later, JPMorgan is following that shift with a price target that says Microsoft has a long way left to run. Analyst Samik Chatterjee raised his December 2027 target to $625 from $550 on Aug. 13 while keeping his Overweight rating, according to Seeking Alpha.
That implies roughly 30% upside from Microsoft’s trading price of approximately $492 at the time of the note.
