US futures fall, Stifel upgrades Microsoft rating — CNBC
US futures on the S&P 500, Nasdaq and Dow Jones indexes were declining ahead of the start of trading, CNBC reports. The technology-heavy Nasdaq Composite had previously closed at record levels for two consecutive days. The yield on policy-sensitive two-year US Treasury notes reached 4.794%, its highest level since July 2024.
Oil prices rose slightly after a meeting between US and Iranian officials at the UN in New York.
Technology company assessments
Stifel upgraded its rating on Microsoft from “hold” to “buy” and set a $575 price target for the shares. Analysts expect the company to maintain revenue growth at approximately the mid- to high-teens percentage range and demonstrate effective control of operating expenses.
The Information reported that Microsoft plans to offer discounts on Copilot to increase its adoption. In July, Microsoft said Copilot had more than 30 million paid licenses, compared with 20 million in the previous quarter.
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Citi raised its price target for Micron from $1,150 to $1,300, while Wells Fargo lowered it from $1,525 to $1,400 ahead of the company’s earnings release next Wednesday. Citi revised its estimates due to a higher projected average DRAM price, which analysts believe will support Micron’s revenue and profit forecasts.
Meta, McDonald’s and Amazon
Meta CEO Mark Zuckerberg is due to deliver a keynote address at the Meta Connect developer conference at 7:00 p.m. US Eastern Time. KeyBanc raised its price target for Meta shares from $780 to $900. Analysts are watching for monetization opportunities and improvements in the company’s relationships with developers.
McDonald’s unveiled an approximately $8.5 billion 10-year spending plan to support franchisees, including restaurant modernization, training and service improvements. The company also announced new financial targets for a higher operating margin.
Wolfe Research raised its price target for Amazon from $315 to $320. Analysts revised upward their estimates for revenue and operating profit at the AWS cloud division, believing its underlying margin is underestimated by the market.
