MicroStrategy price target lowered to $1,826 from $2,047 at Canaccord

Canaccord lowered the firm’s price target on MicroStrategy to $1,826 from $2,047 and keeps a Buy rating on the shares. The firm said the company has recently been using its full capital structure by issuing a series of converts. Canaccord views this strategy as potentially more accretive given what have been attractive conversion premiums in the converts. Canaccord said their new price target is derived by assuming 20% one-year appreciation to BTC versus current spot a 15% increase in value to the software business and the assumption that the current SOTP premium remains intact.