“Next week, MSFT is expected to ship the Release Preview of Windows 8. We expect RTM to follow by 2-months and GA by Sep/Oct. Revenue recognition around tech guarantee coupons may shift Street revenue estates from June to Sept or Dec quarter, but will not be material. We will be attending E3 Jun. 5-7 and expect the focus to be on upcoming software titles and MSFT’s entertainment platform. We do not expect news around the next generation Xbox, likely a 2013 event. Maintain 2012E/2013E EPS at $2.70/$3.10 vs. Street at $2.72/$3.06. We think the risk reward is favorable at 8.6x CY’12 earnings excluding $5.35 in net cash (tax effected for repatriation), and 7.3x EV to uFCF.” ]]>
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