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Microsoft downgraded on shrinking PC market at BGC Partners

BGC Partners analyst Colin Gillis downgraded shares of Microsoft (MSFT) to Hold from Buy citing the shrinking PC market and a lack of traction in phones and tablets. Gillis said his downgrade takes advantage of the recent strength in Microsoft shares and he maintains a $31 price target for the name. Shares of Microsoft are up 60c, or 2%, to $30.21 in late morning trading.