Drexel Hamilton Lowers Price Target on MicroStrategy (MSTR), Stock still a Sell

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Drexel Hamilton maintained their Sell rating on MicroStrategy (NASDAQ: MSTR) and lowered their price target to $80.00 (from $90.00)

Analyst James Gilman said "We have updated our financial model following the release of MicroStrategy’s Form 10-Q for 2Q12. We change our forward estimates based on disclosures contained within the form. We think the top-line miss that occurred in 2Q occurred due to a smaller sales force. During the quarter the company shed 28 sales and marketing heads and has shed a total of 88 sales and marketing heads since the beginning of the year. As we have previously pointed out, revenue scales with headcount."

For an analyst ratings summary and ratings history on MicroStrategy click here. For more ratings news on MicroStrategy click here.

Shares of MicroStrategy closed at $122.33 yesterday, with a 52 week range of $100.86-$160.00.

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