Wedbush analysts increased their price target for Microsoft (NASDAQ:MSFT) to $450, up from $425, while maintaining an Outperform rating, according to a client note issued on Thursday. Analyst Daniel Ives referred to this period as Microsoft’s “‘iPhone moment,'” a pivotal point for the company.

The firm considers Microsoft as one of the top picks for 2024, attributing this ‘iPhone moment’ to the anticipated impact of artificial intelligence (AI) monetization on Microsoft’s cloud growth in the coming years.

Ives explained that, based on recent field research, they expect over 60% of Microsoft’s installed base to adopt AI functionality for enterprise and commercial use within the next three years. This adoption is seen as a game-changer for Microsoft under CEO Satya Nadella’s leadership.
Ives pointed out that while AI applications will increasingly become prominent in FY24, FY25 is projected to be the critical year for AI growth at Microsoft. This growth will be driven by new pricing strategies, beta customer engagement, and the rollout of various use cases over the next 3-6 months.

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