MicroStrategy price target lowered to $617 from $791 at Canaccord

Canaccord lowered the firm’s price target on MicroStrategy to $617 from $791 and keeps a Buy rating on the shares. The firm said as the digital assets ecosystem and Bitcoin in particular continue to evolve in almost realtime, Microstrategy and its BTC strategy remain a steady and prudent enterprise exploiting this emerging ecosystem. Canaccord notes that under current accounting standards, most of the company’s BTC holdings have been marked down to low watermarks but have never been marked up. At some point, a very large one-time gain is likely as these new accounting standards are adopted.