Goldman Sachs has added Microsoft to its “Conviction List,” touting “sustained double-digit” revenue growth.

Microsoft is currently the second-place cloud company, behind AWS. Nonetheless, the company is seen as being in a particularly strong position, thanks to its legacy business and potential to help its clients move to the cloud.

According to Business Insider, Goldman Sachs is now calling for a $315 price target on Microsoft’s stock, a 38% increase over Monday’s close. Goldman highlighted the company’s cloud potential, saying Microsoft is “well-positioned to capitalize on a number of long-term secular trends, including public cloud and SaaS adoption, digital transformation, AI/ML, BI/analytics, and DevOps (amongst others).”

Microsoft has been one of the biggest winners during the pandemic, with a majority of polled companies planning on increasing their Azure and Microsoft SaaS spending. In fact, a higher percentage of respondents planned on increasing their spending on Microsoft, as opposed to those planning on increasing their AWS spending.

Wedbush recently raised their own target from $260 to $270, while acknowledging a bull-case possibility of $300 a share. It appears Goldman Sachs is a even more bullish with their $315 target.