TD Cowen analyst Lance Vitanza has initiated coverage of MicroStrategy with an "outperform" rating and predicts the stock could climb to $520, a 22% increase from its current level. Vitanza believes that MicroStrategy's use of retained earnings to buy and hold Bitcoin reflects a belief in the cryptocurrency's superiority as a store of value. He also recommends the stock as a way for institutional investors to gain exposure to Bitcoin without the fees associated with investing directly in the cryptocurrency or a Bitcoin ETF. MicroStrategy is set to report its Q2 earnings next week.
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TD Cowen Analyst Predicts 22% Upside for MicroStrategy Stock Focused on Bitcoin
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