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What Heather Bellini Sees in Microsoft

Apple stole the spotlight once again Wednesday, just as some think it has for five years. In that time, shares of Microsoft have done nothing, noted CNBC's Simon Hobbs. Clearly, Microsoft is pursuing a different strategy.

Heather Bellini, an analyst at ISI Group, said there are several events that might make investors take a second look at the stock, which she gave a $38 price target.

Bellini said there are concerns over both Microsoft's tablet and mobile strategies right now. The mobile strategy will be addressed when Windows Phone 7 comes out in October. Concerns over its tablet, however, will remain until they launch a credible device and she thinks that's a year away.

In the near-term, the company's board meets in September, she said. That's when the company usually decides if they'll return cash back to shareholders via buybacks or if they'll raise the dividend. Also, the enterprise PC cycle is "really good" and that's to Microsoft's benefit.

Watch the video to see the full interview with Bellini.

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Trader disclosure: On Sept. 1st, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Seymour owns (AAPL), (INTC), (MT), (F), (MSFT); Adami owns (AGU), (BTU), (NUE), (C), (GS), (INTC), (MSFT); Adami’s wife works at Merck; Jon Najarian owns (AAPL); Jon Najarian owns (RIMM) calls; Jon Najarian owns (CRUS) and (CRUS) calls; Jon Najarian owns (AKS); Jon Najarian owns (NFLX) short calls; Jon Najarian owns (AMZN) short calls; Cortes is long Crude Oil; Cortes is long (FCX); Cortes is long (BHP); Cortes is long (SFD); Cortes is long (BMO); Cortes is long (TD); Cortes is long the Euro

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