BTIG raised the firm’s price target on MicroStrategy (MSTR) to $240 from $180 and keeps a Buy rating on the shares. The implied bitcoin premium within the stock’s valuation is near an all-time high, though the market is also rewarding the company for its capital raises since Q2 earnings, which were in part used to remove existing high interest-rate debt that some investors were concerned about in regard to interest coverage, the analyst tells investors in a research note. MicroStrategy continues to be the premier vehicle for bitcoin exposure via the public equity market, and the more bitcoin it can acquire only helps valuation, the firm added.
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