Truist Keeps Buy Rating on Microsoft (MSFT) After New OpenAI Deal

Microsoft Corporation (NASDAQ:MSFT) is one of the 15 Best American Tech Stocks to Buy Right Now. On September 15, Truist Securities reaffirmed its Buy rating on Microsoft Corporation (NASDAQ:MSFT) with a $675 price target.

This decision came after Microsoft Corporation (NASDAQ:MSFT) signed a non-binding deal with OpenAI for new relationship terms that allow OpenAI to restructure itself into a for-profit company.

The research firm pointed out that Microsoft Corporation (NASDAQ:MSFT) and OpenAI have agreed to redefine their partnership, which addresses some investor concerns about the nature of the relationship between the two companies.

Truist Securities suggested that although the joint statement from the two companies was brief, the new memorandum of understanding might help bring some near-term stability to how investors see their partnership.

The firm expects more details to come out in the coming weeks as the terms of the agreement are finalized.

Microsoft Corporation (NASDAQ:MSFT) is an American technology company that develops and markets software, services, and hardware. The company also specializes in AI-powered cloud, productivity, and business solutions.

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Disclosure: None. This article is originally published at Insider Monkey.