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Benchmark raises MicroStrategy (MSTR) price target to $2,150

Despite MicroStrategy (MSTR) reporting lower than expected second quarter earnings, Wall Street broker Benchmark has still raised its target price for MSTR stock to $2,150 and given it the highest rating. (Current stock price is only $1,447)In a research report on Friday, Benchmark analyst Mark Palmer wrote that since August 2020, when Bitcoin became its primary reserve asset, MSTR's stock price has risen by 1,206%. Since then, the stock's performance has sharply contrasted with Bitcoin (BTC), the S&P 500 index, and the Nasdaq index, which have risen by 442%, 64%, and 60%, respectively.The company reported a net loss of $102.6 million for the second quarter on Thursday, as its Bitcoin holdings suffered a depreciation loss of $180.1 million. The company currently holds 226,500 Bitcoins, with an average purchase price of $36,821.

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