MicroStrategy receives buy rating and price target of $990 in Benchmark report | Headlines | News | CoinMarketCap
02/27/2024 23:14
Boutique investment banking firm Benchmark initiated coverage of MicroStrategy, publishing a research report Tuesday with a buy rating and a share …
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Published on February 27, 2024 15:56 GMT+00:00edited on February 27, 2024 16:01 GMT+00:00
Boutique investment banking firm Benchmark initiated coverage of MicroStrategy, publishing a research report Tuesday with a buy rating and a share price target of $990.
The forecast is based on a projected year-end 2025 valuation of the company's bitcoin holdings and an estimated year-end 2025 value of its business intelligence software activities. In its price projection, Benchmark posited that the approval of multiple spot bitcoin ETFs and the upcoming halving could act as tailwinds for the bitcoin price.
"Our price target for MicroStrategy is based on our assumption that the price of bitcoin will reach $125,000 at the end of 2025, and that move would be driven by increased demand resulting from the SEC’s approval in January of spot bitcoin ETFs in the U.S., and the impact of the …