MicroStrategy price target raised to $820 from $580 at TD Cowen

TD Cowen analyst Lance Vitanza raised the firm’s price target on MicroStrategy to $820 from $580 and keeps an Outperform rating on the shares. The firm noted Management discussed broader implications of increasingly popular spot bitcoin ETP’s as well as potential future ramifications around the upcoming bitcoin block reward halving as well as providing thoughts on why its valuation continues to reflect a meaningful premium to the value of its bitcoin holdings.