Canaccord raises MicroStrategy's target price to $300, calling its leverage strategy the best way to invest in Bitcoin

2024-11-01 19:57:38

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ChainCatcher news, according to CoinDesk, investment bank Canaccord has released a research report raising the target price for MicroStrategy (MSTR) from $173 to $300, while maintaining a "buy" rating. Analysts believe that considering the company's smart leverage strategy, MicroStrategy remains one of the best ways for stock investors to gain exposure to Bitcoin.

The report points out that since adopting a Bitcoin acquisition strategy in 2020, MicroStrategy has significantly outperformed the stock market and Bitcoin. The company announced a $21 billion share issuance plan on Wednesday as part of a plan to purchase $42 billion worth of Bitcoin over the next three years.

Canaccord analyst Joseph Vafi stated that MicroStrategy's leverage strategy could bring additional premiums to the company's stock price. At the same time, considering the increased market adoption following the approval of the U.S. spot ETF and the supply constraints brought by the halving event, the firm holds an optimistic view on Bitcoin's prospects. As of Friday morning, MicroStrategy's stock price rose 0.4% to $245.50.

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