Strategy price target raised to $630 from $560 at Keefe Bruyette

Keefe Bruyette raised the firm’s price target on Strategy (MSTR) to $630 from $560 and keeps an Outperform rating on the shares post the Q1 report. The firm says that while Strategy’s total revenue from the legacy software business of $111.1M came in below its ~$123.1M forecast and resulted in an operating loss, “meaningful progress was made” to grow its bitcoin treasury by 80,715 coins in Q1. As expected, management announced a new $21B common stock offering to efficiently capitalize on its premium valuation, the analyst tells investors in a research note.