Deutsche Bank Reports On Microsoft Launch Of Office 365

According to Deutsche Bank, Microsoft MSFT has launched Office 365. Deutsche Bank said that its $30 PT is based on CY12E FCF/share of $2.97, and EV/FCF/G multiple of 1.5x (a premium to software peers given its leadership) and a 6% EV/FCF/sh growth rate. “Downside risks to our price target include slower adoption of Windows, negative impact from macro-economy and threats from open-source vendors.” Microsoft closed yesterday at $25.18.