Canaccord raised the firm’s price target on MicroStrategy (MSTR) to $300 from $173 and keeps a Buy rating on the shares. The firm noted they announced a $21B ATM offering. Management stated that it intends to use this vehicle, along with opportunistic fixed-income offerings, to acquire up to another $42B of bitcoin over the next three years and Canaccord believes the strategy makes sense.
Don’t Miss TipRanks’ Half-Year Sale
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on MSTR:
- MicroStrategy price target raised to $312 from $200 at Cantor Fitzgerald
- MicroStrategy price target raised to $270 from $193 at Maxim
- MicroStrategy price target raised to $300 from $200 at TD Cowen
- MicroStrategy price target raised to $300 from $245 at Benchmark
- MicroStrategy price target raised to $290 from $240 at BTIG