Bernstein lowered the firm’s price target on MicroStrategy to $290 from $2,890 and keeps an Outperform rating on the shares. The firm adjusted its price target to account for the 10-for-1 share split and recently announced Bitcoin acquisition taking its current holding to over 252,000 Bitcoin. Bernstein added that it values MicroStrategy using a sum-of-the-parts approach, combining the Enterprise Value of its software business and its Bitcoin holdings.
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