Microsoft’s stock reached its highest price of $39.90 per share since 2000 yesterday. Thanks to the news regarding Office for iPad release. Office for the iPad has been rumored for many years now, but it appears Microsoft is finally ready to unveil the product later this month. According to reports, Microsoft CEO Satya Nadella will himself demo the product marking his first major public appearance since becoming CEO. Yesterday, Microsoft sent out press invites for an event in San Fransisco on March 27th and Microsoft is expected to unveil Office for iPad on that day.
It seems investors are too excited about this news that Microsoft is releasing Office for iPad. Office is already generating significant revenue for Microsoft and investors hope that releasing Office on new platforms should further increase Microsoft’s revenue.
Rick Sherlund of Nomura Equity Research has a “Buy” rating on MSFT stock and has set a price target of $45 for the tech giant.
“We expect new CEO Satya Nadella to introduce this as a directional step in repositioning Microsoft to a mobile first/cloud first company,” Sherlund told investors.
“We would expect Microsoft to announce that users of Office 365 [the subscription-based service]can access the touch first versions of Office [iPad, Windows 8.1 devices, and Android tablets] as an additional platform service for no additional charge,” Sherlund continued.