Microsoft Corp. , +0.79% saw a 0.2% increase in shares Wednesday morning after Wedbush analyst Dan Ives increased his price target from $290 to $315. His research indicates that overall cloud deal flow has been good for the Redmond-based software company. Ives reiterated his outperform rating for the stock over the past three years. After falling 2.3% on Tuesday , the stock rose to the top of the Dow Jones Industrial Average’s DJIA. This is +0.54% gainers. In a note to clients, Ives stated that Microsoft’s stock had been on a tear in 2023. “We believe investors are slowly realizing that less than half of workloads have moved into the cloud and Redmond still remains in an enviable situation to gain share in its enterprise backyard versus AWS in the cloud arms race over 12 to 18 months.” The Dow has risen 1.6%, while the stock has risen 17.9% since Tuesday. Ives said that Redmond may be just beginning to reach its next level of growth with chatGPT, and AI [artificial Intelligence] also adding new layers to the MSFT story in the coming years.”