Microsoft faces a number of downward pressures to revenue and earnings-per-share forecasts over the next three fiscal years, according to analysts at Goldman Sachs, who reiterated a sell rating on the stock in a note to clients dated Tuesday. The analysts also backed a $38 12-month price target on the stock, which would imply a 6.5% decrease from the stock's most recent trading price. The current estimates on the company are "too aggressive" given the currency headwinds that are affecting PC shipments, as well as weakness in commercial licensing, the analysts said. "With the benefits from the XP refresh having dissipated, the level of conservatism of top-line guidance is now something to debate," they said. Shares of Microsoft traded down 0.1% to $40.60 in recent trade.
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