Credit Suisse raises Microsoft forecast, expects cloud revenue to reach $100 billion in five years

Credit Suisse raised its price target on Microsoft shares after the firm's survey of executives suggests a "strong 2020" for the technology giant, especially in the realm of cloud computing services.

Microsoft's Azure was the top pick among information technology companies looking to spend more on a cloud service, according to Credit Suisse's survey of chief information officers (CIOs).

"Our analysis suggests Microsoft can reasonably achieve Commercial Cloud revenues of $100 Billion" by fiscal year 2024, Credit Suisse analyst Brad Zelnick said in a note to investors.

Microsoft shares rose 1.2% in trading to close at $163.28.