Canaccord Genuity Bullish On MicroStrategy Citing Bitcoin Success Despite Volatility
Portfolio Pulse from Murtuza Merchant
Equity research firm Canaccord Genuity has set a share price target of $554 for MicroStrategy Incorporated (NASDAQ:MSTR), citing the company's successful adoption of Bitcoin as its primary treasury reserve asset. The firm's valuation methodology includes a 30% premium to MicroStrategy's software business and a 20% premium to its current Bitcoin reserves. MicroStrategy's shares have surged by 242% since August 2020, and the company added 6,067 Bitcoin to its holdings in Q3, bringing its total to 158,245 Bitcoin.
November 02, 2023 | 2:17 pm
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POSITIVE IMPACT
MicroStrategy's successful adoption of Bitcoin as its primary treasury reserve asset and its aggressive addition of Bitcoin to its holdings have led to a surge in its share price. This indicates a positive impact on Bitcoin's value.
MicroStrategy's decision to adopt Bitcoin as its primary treasury reserve asset and its aggressive addition of Bitcoin to its holdings have led to a significant increase in its share price. This indicates that the company's actions have had a positive impact on Bitcoin's value.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
MicroStrategy's successful adoption of Bitcoin as its primary treasury reserve asset and its aggressive addition of Bitcoin to its holdings have led to a surge in its share price. Canaccord Genuity's robust share price target for the company indicates potential for further growth.
MicroStrategy's decision to adopt Bitcoin as its primary treasury reserve asset and its aggressive addition of Bitcoin to its holdings have led to a significant increase in its share price. Canaccord Genuity's robust share price target for the company indicates that they believe this trend will continue, which could lead to further growth in the company's share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100