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With Microsoft (MSFT) due to report earnings this afternoon, Prudential’s John McPeake today boosted his price target on the stock to $36 from $34, and repeated his Overweight rating.

McPeake says that the company is seeing strong demand for its new wave of products upgrades, including Windows Vista and the new versions of Office, SQL Server and Outlook/Exchange. McPeake also asserts that there are “large scale Lotus Notes to Outlook conversions underway.”

This morning, Microsoft shares are up 10 cents at $31.19, just a tad below its 52-week high of $31.45.

MSFT 1-yr chart

msft chart

Source: Microsoft: Pru Boosts Price Target Ahead of Earnings Today