How Much Upside Is Left In Microsoft Stock?

Microsoft (MSFT) shares returned 37% over the past three months, against 2.6% for the S&P 500. Even so, Microsoft's P/E, the price divided by a year of profit, is 28.3. That is below 31.8, the stock's average at the last twelve quarter-ends, leaving out readings above 100. A run that big makes buyers wary, but the shares cost less per dollar of profit than usual. So how much upside is left in Microsoft stock at today's price.