Oppenheimer & Co. upgraded Microsoft Corp. to Outperform from Perform and set a $600 price target, pointing to faster-than-expected growth in the company’s artificial-intelligence revenue and continued momentum in the Azure cloud platform. Analyst Timothy Horan wrote that investors are increasingly recognizing Microsoft as a long-term winner in software driven by AI adoption. Microsoft shares rose about 0.8% in early New York trading after the call. The new target implies further upside for a stock that has already outperformed broader equity benchmarks this year as large-language-model services are integrated across the company’s Office and developer tools portfolios. Analysts also recalibrated views on large U.S. banks. Keefe Bruyette & Woods lifted JPMorgan Chase & Co. to Outperform from Market Perform and increased its price target to $327 from $253, citing the lender’s scale advantages and durable earnings profile. The move contrasts with HSBC’s downgrade a day earlier, when the brokerage cut JPMorgan to Reduce from Hold and assigned a $259 target, arguing the shares had rallied beyond fundamentals.