US brokerage BTIG: Raises MicroStrategy stock price target from $780 to $1800

ChainCatcher news, according to CoinDesk, U.S. brokerage BTIG stated in a research report that MicroStrategy has a good track record of creating value for shareholders, reaffirming its buy rating on the stock and raising its target price from $780 to $1,800.

Analysts Andrew Harte and Thomas Smith wrote that MicroStrategy's stock price has increased by 155% this year, primarily due to a 50% rise in Bitcoin prices, continuous financing, and the implied premium of MicroStrategy's Bitcoin holdings rising from about 1.5 times last year to over 2 times.

The report stated that in the company's sum-of-the-parts (SOTP) valuation analysis, investors showed support for a higher implied Bitcoin premium, noting that although this premium has increased compared to historical levels, "investors have demonstrated a willingness to invest due to their optimism about the premium."