[Citi: Lowers Microsoft's Target Price to $570, Maintains 'Buy' Rating] According to a report by Jinse Finance, on July 15, Citi released a research report stating that due to the compression of valuation multiples in the software industry, it has lowered Microsoft's target price from $620 to $570, based on a 25x price-to-earnings ratio forecast for fiscal year 2028, down from the previous 28x. At the same time, it maintains a 'Buy' rating. The firm expects strong performance in the fourth fiscal quarter; by fiscal year 2027, Microsoft will be able to achieve stronger returns driven by accelerated growth in its core businesses (Azure and M365 CoPilot), which will ultimately drive sustained acceleration in overall revenue and earnings per share growth.