Shares of Bitcoin (CRYPTO: BTC) proxy stock MicroStrategy Inc. (NASDAQ:MSTR) rallied 11% on Monday, coinciding with a leading analyst reiterating the stock’s $650 price target.
What happened: Mark Palmer, an equity research analyst at Benchmark, maintained MicroStrategy with a Buy rating and restated the target at $650, reflecting a 71% upside from the last closing price. Palmer is known to have an accuracy rate of 83%.
Palmer stated that the firm’s ambitions to raise $2 billion through preferred stock issues might be a game changer, potentially drawing institutional investors such as insurance companies, pension funds, and banks, who favor assets with fixed dividend payments, The Block reported, citing a …
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