Microsoft's investment in OpenAI will pay off in multiple ways, and the company stands to weather a downturn just as well as its large peers, an analyst said.
Microsoft Corp.’s investors don’t fully appreciate its investment in OpenAI, and by extension the profusely-hyped and rapidly growing chatbot ChatGPT, a platform that could eventually help the tech giant compete with Google, an analyst said Wednesday.
That analyst, Gil Luria at D.A. Davidson, initiated coverage of Microsoft MSFT with a buy rating and a $270 price target, after the analyst who was previously covering the stock left the firm. “We believe Microsoft’s investment in OpenAI will translate to significant underappreciated upside,” Luria said in a research note Wednesday.
“Longer-term, we believe incorporating ChatGPT capabilities into Bing may provide Microsoft with a once-a-decade opportunity to unseat Google’s Search dominance,” Luria said.
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