After rocketing higher in 2023, (NASDAQ: MSFT) stock has continued to hit new highs in 2024, currently up 10% year to date. Morgan Stanley analyst Keith Weiss sees even further upside as the company continues to capture growth opportunities in artificial intelligence (AI) services and the broader cloud market.

The investment wing of the bank updated its price target -- a projection for where the stock will trade in the next year or so -- from $465 to $520 and kept an overweight (buy) rating on the shares. This represents a nearly 26% upside over the current share price of $413.

Microsoft has executed well in capturing the massive opportunity in AI services. Revenue grew 16% year over year in the most recent quarter, with revenue from Microsoft Azure and other cloud services up 28% in constant currency.

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Source Fool.com