MicroStrategy price target raised to $1,880 from $1,450 at TD Cowen

TD Cowen raised the firm’s price target on MicroStrategy to $1,880 from $1,450 and keeps a Buy rating on the shares. Following last week’s convertible notes offering, MicroStrategy has acquired another 12,000 bitcoins for $786M at an average price of $65,883, the analyst tells investors in a research note. The firm says this is not a short-term trading strategy, rather management’s belief that bitcoin will ultimately prove a superior store of value. MicroStrategy remains an attractive vehicle for investors looking to gain bitcoin exposure, contends TD.