One thing is for certain: Analysts continue to remain bullish on Microsoft's cloud services business as yet another mega-cap tech company heads into earnings after the bell Wednesday. Analysts will also be looking for any signs as to whether Intel's recent cloud issues forebode any trouble for Microsoft.
The stock was up 2 percent heading into the results.
In his preview note to clients, Morgan Stanley's Keith Weiss pointed out that, "as IT focus shifts from pure Public Cloud to Hybrid Cloud architectures, Microsoft rises as the best positioned firm in tech."
Trading at 19 times the firm's 2020 estimate, shares are "undervalued with 30 percent upside to our $140" price target, Weiss added.
Kash Rangan from Bank of America was a bit more restrained, saying, "following several years of significant growth and stock price performance, the current macro outlook for slowing worldwide economic growth has some investors we speak to wondering how cyclical Microsoft is, whether its strong growth can continue."
UBS analyst Jennifer Lowe perhaps encapsulated most analysts' feelings, saying, "Microsoft remains one of our favorite names for CY19, offering a balance of top-line growth, margin expansion" and cheap valuation.
Here's what the others expect: