Nomura Securities are true Windows 8 believers

Analysts at Nomura Securities seem to be very bullish about Windows 8.

They have maintained their “Buy” rating and $38 price target on MSFT.

On Microsoft, here’s what they had to say.

“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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