Our Buy rating is based primarily on MSFT's continued success in its various cloud-based services, the revenue from which, by our estimate, hit 50% of total revenue in FY 4Q 19.This estimate is a sum of revenue from Software-as-a-Service (SaaS) versions of Office, Dynamics, etc.; Azure PaaS; LinkedIn; Bing and Xbox-Live. As these services grow, MSFT is likely to benefit increasingly from scale efficiencies so operating margin will likely continue expanding at a healthy clip after hitting the 40% we forecast for FY 21. Our Buy rating is secondarily based on what we view as a stable cash cow in its Windows franchise we project to grow by about 2%-6% over the next three years. We also note MSFT's strong early position in emerging areas such as AI/cognitive computing and augmented and/or virtual reality.