Microsoft (NASDAQ:MSFT) Trading at Top End of Valuation

Standpoint Research said after successfully picking the bottom for Microsoft (NASDAQ:MSFT) in September, the company made a nice run since then, moving up by 19 percent. They now feel they're fully priced and can no longer recommend them.

Standpoint said, "We tried to pick a bottom on MSFT in September and were successful; ... The shares have bounced 19% in the (less than) four months since our recommendation, hit our price target and beat the S&P by more than 500 bps; not bad for a low-beta name in a rising market. We can no longer leave our highest recommendation attached to this name, now showing a market cap near $250 bln."

Standpoint Research downgraded Microsoft from "Buy" to "Hold." Microsoft closed Friday at $28.60, down $0.22, or 0.76 percent.