Stifel Upgrades Microsoft to Buy on Sustained Revenue Growth; UBS Initiates Crypto Miners at Buy

Stifel upgraded Microsoft (MSFT) to Buy from Hold on September 23, 2026, raising its price target to $575 from $530. The firm cited growing confidence in Microsoft's ability to sustain mid-to-upper teens revenue growth, noting open-weight model advances have bolstered management's LLM-agnostic strategy. In other calls, UBS initiated coverage of Hut 8 (HUT) with a Buy rating and $143 price target, and also started TeraWulf (WULF), Core Scientific (CORZ) and Cipher Mining (CIFR) at Buy. UBS launched Applied Digital (APLD) at Buy with a $38 target, citing credibility in AI data center leasing. Raymond James downgraded Accelerant (ARX) and Baldwin Group (BWIN) to Underperform, citing limited upside pending regulatory approval of cash buyouts. UBS cut PG&E (PCG) to Neutral with a $14 target on wildfire liability reform risk.