Microsoft Corp. shares declined Tuesday as at least two analysts lowered their estimates for the world's largest software company amid a potential global recession.
Microsoft shares fell 65 cents, or 2.6 percent, to $24.85 in afternoon trading. In the past year, the stock has ranged between $37.50 and $20.65.
In a client note, Jefferies & Co. analyst Katherine Egbert kept her "Buy" rating on the stock but reduced her outlook for adjusted fiscal 2009 earnings to $2.11 per share on $66.7 billion in revenue, from $2.15 per share on $67.8 billion in revenue previously.
Egbert also cut her price target to $30 from $35.
"Microsoft is not immune to the storm clouds in IT spending. We have dampened our expectations for PC/laptop unit growth, for Xbox sales and for online," she wrote.