'All I Want For Christmas Is Bitcoin': Canaccord Genuity Raises Price Target For Michael Saylor's Microstrategy After Company Adds $615M Worth Of BTC
Portfolio Pulse from Mehab Qureshi
MicroStrategy Inc (NASDAQ:MSTR) has increased its Bitcoin holdings by purchasing an additional 14,620 BTC for $615.7 million. Canaccord Genuity raised MSTR's price target to $791, citing the company's stock outperformance relative to Bitcoin's value increase and a scarcity premium due to its lower operational risk compared to other Bitcoin exposure methods. MSTR's stock surged by 29% in a month and 119% over six months, outpacing Bitcoin's 16% monthly and 41% six-month gains. The company's shares are now trading at a 36% premium to the underlying Bitcoin value.
December 28, 2023 | 6:28 am
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MicroStrategy's aggressive Bitcoin acquisition strategy and the subsequent price target increase by Canaccord Genuity to $791 could lead to a positive short-term impact on MSTR's stock price.
MicroStrategy's stock has been performing well, with significant gains over the past six months. The company's recent Bitcoin purchase and the raised price target by Canaccord Genuity reflect confidence in its investment strategy, which could attract more investors and potentially drive the stock price up in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100