MicroStrategy price target raised to $560 from $520 at BTIG

BTIG raised the firm’s price target on MicroStrategy to $560 from $520 and keeps a Buy rating on the shares after meeting with management. The analyst continues to view MicroStrategy as the best vehicle for institutional investors to gain bitcoin exposure. Management reiterated that the approval of an exchange traded fund may serve as a positive bitcoin price catalyst by opening up further investment opportunities for large institutions, which in turn would be a positive for MicroStrategy’s bitcoin holdings, the analyst tells investors in a research note. BTIG also believes the company’s artificial intelligence product will help transition customers to its cloud-based subscription offering from product license agreements.