MicroStrategy's treasury model is unprecedented and will attract billions in capital from investors around the world to invest in bitcoin.
Broker Canaccord also increased its price target for the software company, to $510 from $300.) treasury model is unparalleled and the company is expected to attract billions of dollars of investment into the world's largest cryptocurrency, broker Bernstein said in a research report Monday.
Bernstein raised its MicroStrategy price target to $600 from $290 while maintaining its outperform rating on the stock. Rival broker Canaccord raised its price target to $510 from $300 and reiterated its buy rating.Bernstein said it expects MicroStrategy to own 4% of the world's bitcoin supply by 2033. It currently has 1.7%."We believe bitcoin is in a structural bull market with conducive regulation and U.S.
Broker Canaccord is also bullish about MicroStrategy's outlook, and it said it used a new methodology to value the stock. "Traditional P&L earnings metrics no longer really apply to MSTR, given the company's software business only accounts for a single-digit percentage of current enterprise value," analysts led by Joseph Vafi wrote, adding that "dollarized BTC accretion per shares captures everything going on at MSTR."Will Canny is an experienced market reporter with a demonstrated history of working in the financial services industry.
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