11:41 AM EDT, 07/29/2024 (MT Newswires) -- Microsoft's ( MSFT ) checks point to another "robust" quarterly report, with growing artificial intelligence adoption likely accelerating cloud deal flow for its Azure business and strong momentum seen ahead, Wedbush Securities said Monday.

"We would expect a solid beat for the June quarter with Nadella & Co. likely exceeding the Street's top-line revenue of $64.37 billion and EPS of $2.93 as Intelligent Cloud should be a source of upside," Wedbush analysts, including Daniel Ives, said in a note.

"The most important metric will be Azure growth with the Street's bogey of 30%, which we believe is beatable in our view given the high level of deal activity during the quarter from core MSFT enterprise customers on the cloud," the analysts said.

Wedbush kept its outperform rating on the stock with a $550 price target, saying the firm remains on its "best ideas" list. Microsoft ( MSFT ) is scheduled to report its fiscal Q4 results Tuesday.

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