Microsoft $MSFT is one of those names where analysts are gradually revising price targets upward — and this time Wells Fargo moved the target from $625 to $650 while keeping the "Overweight" rating. It's not a big move, but it's a signal that confidence in the long-term story remains. Microsoft's AI business reached $37 billion in annualized revenue with year-over-year growth of 123%, and Azure grew 40% year-over-year in the last quarter — those are the kinds of numbers that simply support such target increases. Wells Fargo also rightly points out that Microsoft is better positioned on the software layer than the market currently values it.