Microsoft | North America 1Q27 Preview – Sustaining Momentum Against a Higher Bar Mid/high-40s Azure growth, improving M365/Copilot monetization, and disciplined opex should support continued momentum into FY27. A Q2 Azure guide showing stable growth and reiterated M365 acceleration could support shares trading at 20x 2028 EPS, while a broader AI moat supports the LT opportunity. Key Takeaways Expecting Momentum to Continue in F1Q27, Supported by Strength Across Azure + M365. The narrative around Microsoft ...