Royal Bank of Canada analyst Rishi Jaluria maintained the company's outperform rating and target price of $380 after holding an investor meeting with Microsoft Corp's head of investor relations. The analyst told investors in a research report that the conclusion of the meeting showed that the company's macro or demand comments had not changed and that Microsoft Corp's business model should be flexible in the event of a recession. Jaluria further said he was "increasingly confident" about the growth of Azure and Office, while noting that the impact of the company's pay rise was "minimal".