The software company should benefit from bitcoin catalysts such as the halving event, the report said.
MicroStrategy has a track record of creating value for shareholders, broker BTIG said in a research report on Friday, raising its price target for the software company and bitcoinacquirer. BTIG reiterated its buy rating on the stock and increased its price target to $1,800 from $780. MicroStrategy shares were trading little changed on the day at about $1,617 at publication time.
“The premium is supported by a desire for investors to have exposure to bitcoin who may be unable to invest directly in bitcoin or in exchange-traded funds , and also supported by MSTR’s ability to accretively raise capital to purchase additional bitcoin for shareholders,” the authors wrote. Due to the company’s capital market activity it now has greater exposure to bitcoin on a per-share basis, the report noted.
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