Strategy upgraded to Neutral from Sell at Monness Crespi

Monness Crespi upgraded Strategy (MSTR) to Neutral from Sell without a price target The firm sees continued downside risk but says the “skew to downside pressure has meaningfully lessened” following the stock’s recent selloff. Strategy’s “convertible arbitrage volatility export narrative” has ended with remaining converts to be equitized in due time, the analyst tells investors in a research note. Monness believes its Sell thesis has played out.