Are analysts and price targets completely irrelevant? MSFT

Prior to MSFT earnings yesterday almost every single analyst had BUY ratings for the stock and like 50 % upside on their price targets. Post earnings the stock dipped but almost all analysts raised their price targets even higher and reiterated their price targets. Now, it’s possible the stock price will actually react positively to the company’s earnings as analysts suggest it should as the market fully digests the results. Maybe the 4 % dip yesterday will be equalized today who knows. But, what are analysts and price targets worth if they are so clearly wrong about the market? I guess short-term traders were spooked by the massive increase in CapEx? And analysts are thinking long term? In my opinion Microsoft can't build data centers fast enough to meet demand but that’s kind of a ‘good problem to have’? I suppose this means Azure growth is currently capped by physical hardware limits rather than a lack of customers.