I mean really, why is this surprising to anyone? The Quarter results were fantastic, Microsoft is a market leader in almost all areas where they are involved (well, the exception would be Online and Smartphones) and they are preparing a stellar new line of their three mayor products (Windows 8, Windows Server 2012 and Office 15).
And besides the fact that the company has many problems (see Letter to Microsoft: /blog/2012/3/30/letter-to-microsoft.html ) it is still a well run, very profitable company. The reason everyone is surprised at their evaluation lies in the fact that their stock has been flat for years (which also were very profitable) – so what is the difference here?
I think it is just the fact that Microsoft competes more and more in the consumer market which results in people actually seeing it as a hip technology company and not anymore as the slow moving, corporate IT driven software producer.
I predict that with the upcoming launch of Windows 8 the stock will finally take off and reach 40$ by the end of the year (and full disclosure here: I do hold 3 shares of Microsoft stock!).