Microsoft Rides Its Cloud Business to a $2 Trillion Market Cap. It’s Not Done Yet.

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Illustration by Elias Stein

Microsoft

is now the second company to boast a $2 trillion market capitalization, following

Apple,

which breached that level last August. And Microsoft may go higher yet.

Wedbush analyst Daniel Ives this past week reiterated his Outperform rating on the software giant, lifting his price target on the shares to $325 from $310. That represents a potential gain of more than 20%, which would take the company’s market value to $2.4 trillion. His enthusiasm for the stock is driven by Microsoft’s cloud business, Azure.

On Wednesday, Microsoft shares inched up 0.1% to $265.79, a new high, boosting its market cap to $2.004 trillion. (Apple is at roughly $2.2…

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