MicroStrategy price target lowered to $1,450 from $1,560 at TD Cowen

TD Cowen analyst Lance Vitanza lowered the firm’s price target on MicroStrategy to $1,450 from $1,560 and keeps an Outperform rating on the shares. The firm noted MicroStrategy acquired another 9 245 bitcoins for $623M via proceeds from its recent convertible notes offering plus excess cash and Cowen believes the shares remain an attractive vehicle for investors looking to gain Bitcoin exposure.