Benchmark initiated coverage of MicroStrategy with a Buy rating and $990 price target. The firm’s sum-of-the-parts analysis combines its estimate of the year-end 2025 value of the company’s bitcoin holdings and its estimate of the year-end 2025 value of its business intelligence software business, the analyst tells investors. The price of MicroStrategy shares is highly correlated to the price of bitcoin, though the company’s use of leverage to amass its bitcoin holdings can magnify its gains relative to those realized by the cryptocurrency, the analyst noted.
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