Benchmark Upgrades MicroStrategy Price Target to $2,150 on Bitcoin Performance

IconCryptoNewsTerminal Staff02 Aug, 2024

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Benchmark Upgrades MicroStrategy Price Target to $2,150 on Bitcoin Performance

Benchmark, a prominent investment bank, has upgraded its price target for MicroStrategy (MSTR) to $2,150, a significant increase from its previous target of $1,875. This bullish outlook is attributed to MicroStrategy's impressive financial performance since it commenced acquiring Bitcoin in August 2020. According to CoinDesk, Benchmark analysts observed that MicroStrategy's stock has surged by an extraordinary 1,206% since the company's initial Bitcoin purchase. This remarkable growth outpaces the 442% increase in Bitcoin's value, as well as the 64% and 60% gains in the S&P 500 and Nasdaq indices, respectively. Benchmark also lauded MicroStrategy's recent introduction of a novel performance metric that monitors the company's Bitcoin holdings and their percentage change relative to outstanding shares. This metric, the analysts believe, will enhance investors' ability to assess the effectiveness of MicroStrategy's Bitcoin strategy. The upgrade in price target and positive commentary from Benchmark reflect the growing recognition of MicroStrategy's astute investment strategy and its potential to generate significant shareholder value through its Bitcoin holdings.

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