NEW YORK, June 21 (Reuters) - Microsoft Corp (MSFT.O: Quote, Profile, Research) shares look "super cheap" even after recovering in recentmonths, as the company's new software and search engine Bing help drive growth, business weekly Barron's said.

A technology column in Barron's online edition published this weekend said demand for its Windows 7 operating system, due to launch later this year, was likely to be strong.

It also cited strong data for its new Bing search engine, saying that while Microsoft was still a distant third in the online search market, it may have found a way to boost its standing without buying Yahoo Inc (YHOO.O: Quote, Profile, Research).

The column also said Wall Street's consensus forecasts for Microsoft may be "too grim," and noted the company's aggressive cost cuts, below-market valuation and strong cash position.

"With both Windows 7 and Bing, Microsoft for the first time in eons is giving off the aura of a company that is innovating and listening to users. That has helped the stock rebound more than 50 percent off the March low -- but there should be plenty more to come," it said. (Editing by Maureen Bavdek)