TD Cowen says MicroStrategy Bitcoin exposure ‘attractive,’ starts at Outperform

As previously reported, TD Cowen analyst Lance Vitanza initiated coverage of MicroStrategy with an Outperform rating and $520 price target. MicroStrategy is a leading provider of Business Intelligence software, with “strong positioning” in that “attractive” software space, but with the “twist” that it uses all its retained earnings – and then some – to buy and hold bitcoins, the analyst tells investors. This is not a short-term trading strategy, but rather reflects a belief that ultimately, bitcoin will prove a superior store of value relative to metals and fiat currencies, notes the firm, which sees MicroStrategy as “an attractive vehicle for investors looking to gain Bitcoin exposure.”