MicroStrategy can rally another 80% thanks to its aggressive bitcoin buying strategy, according to Bernstein.
MicroStrategy can run another 80% from here thanks to its aggressive bitcoin buying strategy, according to Bernstein. The Wall Street firm initiated research coverage of MicroStrategy on Thursday with an outperform rating and $2,890 price target. That implies upside of another 80% based on the stock's Thursday close of $1,483.88, already up 135% year-to-date. By contrast, bitcoin is higher by 57% in the same period.
" MicroStrategy, which launched as a provider of enterprise software, began employing an aggressive bitcoin-buying strategy in 2020 and has primarily traded as a proxy for the crypto's price since then. This February, the company said it would shift its focus and brand to bitcoin development. "MSTR positions itself as an 'active-leveraged' bitcoin strategy vs. passive spot ETFs," Chhugani said.
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