According to Deep Tide TechFlow, on November 1, CoinDesk reported that investment bank Canaccord published a research report raising the target price for MicroStrategy (MSTR) from $173 to $300, maintaining a 'buy' rating. Analysts believe that considering the company's smart leverage strategy, MicroStrategy remains one of the best ways for stock investors to gain exposure to Bitcoin.
The report states that since adopting a Bitcoin acquisition strategy in 2020, MicroStrategy's performance has significantly outperformed the stock market and Bitcoin. The company announced a $21 billion follow-on offering on Wednesday as part of a plan to purchase $42 billion in Bitcoin over the next three years.
Canaccord analyst Joseph Vafi stated that MicroStrategy's leverage strategy could bring additional premiums to the company's stock price. Meanwhile, considering the increased market adoption following the approval of the U.S. spot ETF and the supply constraints brought on by the halving event, the firm holds an optimistic view on Bitcoin's prospects. As of Friday morning, MicroStrategy's stock price rose 0.4% to $245.50.
