Berenberg lifted its MicroStrategy price target to $510 due to raised estimates for the value of the company’s bitcoin holdings and its business intelligence software business. willcanny99 reports.
The bank reiterated its buy rating on stock of MicroStrategy, a business intelligence software developer that has invested heavily in bitcoin, and raised its share price target to $510 from $430 due to a higher estimate of the value of the company’s BTC holdings and improved forecast for the value of its software business. The shares closed Tuesday at $411.18.
The bank said it was raising its estimates for the value of the company's bitcoin holdings as of late April 2024 to $8.74 billion from $6.27 billion. It increased its estimate for the value of the business intelligence software business to $1.37 billion from $859 million.
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