Goldman Sachs Discusses Microsoft

Goldman Sachs is out with a research report on Microsoft MSFT. It has a Neutral rating and a $30 price target on shares. In a note to clients, Goldman Sachs writes, "IDC estimates global PC shipments rose 2.6% yoy reflecting pressure from smartphone competition, tablets, as well as soft economic conditions. This compares to the 0.4% yoy increase estimated by the GS IT hardware team. On a regional basis, IDC's estimate for the US is about 200 bps higher than our forecast, which suggests a unit and ASP tailwind for Microsoft. Similarly, Japan is expected to post slight yoy growth versus our expectation for negative yoy performance. Although APAC ex-Japan units were up 12% yoy, versus our estimate of up 10%, we see a neutral impact for MSFT given the low monetization in the region." Shares of MSFT gained 9 cents yesterday to close at $26.63.