MicroStrategy initiated with a Buy at Berenberg

Berenberg analyst Mark Palmer initiated coverage of MicroStrategy with a Buy rating and $430 price target. The analyst views the stock as offering equity investors an attractive way to express a view on bitcoin. MicroStrategy offers an alternative with a correlation to bitcoin of 0.90. the analyst tells investors in a research note. The form notes that since MicroStrategy launched its bitcoin acquisition strategy on August 10, 2020, its share price has appreciated by 143% while the price of bitcoin increased by 139% during that span.