MicroStrategy price target raised to $1,810 from $975 at Canaccord

Canaccord raised the firm’s price target on MicroStrategy to $1,810 from $975 and keeps a Buy rating on the shares. The firm noted they announced an acquisition of acquired approximately 12,000 additional bitcoin at an average price of around $68.5K using cash on hand and proceeds from its recent upsized $800M convertible bond offering. Canaccord said they are not aware of any other enterprise which has undertaken such a bitcoin acquisition strategy, so this endeavor remains wide open to them without competition.