MicroStrategy price target raised to $1,560 from $1,220 at TD Cowen

TD Cowen raised the firm’s price target on MicroStrategy to $1,560 from $1,220 and keeps an Outperform rating on the shares. The company acquired another 12,000 bitcoins for $821.7M via proceeds from its recent convertible notes offering plus excess cash, the analyst tells investors in a research note. The firm says this is not a short-term trading strategy and reflects management’s belief that bitcoin will ultimately prove a superior store of value. TD believes MicroStrategy shares remain an attractive vehicle for investors looking to gain bitcoin exposure.