The WannaCry ransomware that has spread to computers in 150 countries may end up benefiting Microsoft’s stock price.
The ongoing attack, which specifically targets Microsoft operating systems, made headlines last week after it compromised one of the UK’s largest hospital systems.
The origins of the attack are currently unknown.
In a recent note out to clients on Tuesday, a group of equity analysts led by Michael Nemeroff identified a dip in the company’s stock price in response to the attack as a buying opportunity.
The bank said the attack, which exploited “a flaw” in the Windows operating system, illustrates just how many businesses have delayed upgrading their operating systems to Windows 10.
The banks predicts the attack will prompt folks to upgrade, which is a good thing for Microsoft because it will increase the number of new Office 360 Commercial subscriptions.
“The correlation between upgrading to Windows 10 and buying a 365 commercial subscription is high,” the analysts wrote.
The bank has a price target of $US80 for the stock, above its current market price of about $US69 per share.
More from Frank Chaparro:
- Buffalo Wild Wings just torched a San Francisco hedge fund (BWLD)
- Meet the 9 hedge fund managers who made the most money in 2016
- CREDIT SUISSE: Huge demographic changes in the US could hit these 14 retail stocks
- ‘Ford is definitely not in denial:’ CEO Mark Fields is hoping 3 key factors will help boost profits (F)
- Some of Wall Street’s biggest firms just landed a big pay day (PTHN)
Get the latest Microsoft stock price here.
NOW WATCH: The Marine Corps is testing a machine gun-wielding robot controlled with just a tablet and a joystick
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.
Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.