UPDATE: BTIG Starts MicroStrategy (MSTR) at Buy; Provides Attractive Entry Point on Bitcoin Exposure
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BTIG analyst Mark Palmer initiates coverage on MicroStrategy (NASDAQ: MSTR) with a Buy rating and a price target of $850.00.
The analyst commented, "We are initiating coverage of MicroStrategy (MSTR) with a Buy rating and a price target of $850 based on a sum-of-the-parts analysis in which we combine the value the company’s holdings of Bitcoin and the value of its enterprise analytics software business. Our valuation assumes that the price of Bitcoin will increase to $95K by YE22. We fully acknowledge that MSTR, which last August became the first publicly traded U.S. company to adopt Bitcoin as a treasury reserve asset, has taken a massive unhedged long position on a highly volatile speculative asset. As such, we believe any investor who invests in the stock should do so understanding that their investment is highly correlated with the price of Bitcoin."
Shares of MicroStrategy closed at $678.80 yesterday.
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