Deutsche Bank analysts provided their outlook on Microsoft Corporation (NASDAQ:MSFT) ahead of the upcoming Q1 earnings announcement, lowering their price target to $315 from $330.

While the high degree of macro uncertainty remains top of mind for investors, the analysts don’t anticipate any big surprises from the quarterly results.

The analysts expect the commercial/enterprise segments of the business have not gotten materially worse and continue to hold up, while the weakening consumer backdrop (particularly in PCs/Windows) is well understood by investors, even if not fully reflected in the company’s Q1 guidance.

The analysts lowered their Q1 EPS estimate to $2.26. They adjusted their 2023/2024 EPS to $9.83/$11.37.