Shares of Microsoft Corp. (Nasdaq: MSFT), rose 2.41% to $219.28 Wednesday, on what proved to be a mixed trading session for the stock market. Microsoft could be one of the primary beneficiaries of a pickup in IT spending among large-cap software vendors, which could aid sales growth of both its cloud and on-premise products starting in 2H21. According to a Bloomberg research consensus expects sales growth of 11% in September and 10% in December 2021, and we believe that a strong rebound in tech spending could drive these figures 200-400 bps higher.