UBS published a research report stating that Microsoft announced revenue performance that far exceeded expectations, and pointed out that as of the end of April, it had not felt significant demand pressure due to macro or tariff issues. This was reflected in strong performance across the entire product portfolio, particularly Azure, its cloud computing service, which grew 35% in the third quarter ended March 31, and is forecast to grow 34% to 35% in the fourth quarter ended June 31. UBS raised its earnings per share forecast for Microsoft's fiscal year 2026, which ends at the end of June next year, from $14.31 to $14.92 and maintained a "buy" rating. UBS said that given Microsoft's high leverage in the artificial intelligence phenomenon, it still believes that the stock price is reasonable, with a "buy" rating and a target price raised from $480 to $500.