MicroStrategy Remains Wall Street’s Pick Amid Market Crash
- Wall Street trading experts suggest buying MicroStrategy (MSTR) shares.
- MicroStrategy experienced the worst pullback.
- Michael Saylor shows MicroStrategy’s Bitcoin game plan.
According to a Bloomberg report, three out of four Wall Street analysts are still bullish on MicroStrategy despite the bear market. Under MicroStrategy’s CEO Michael Saylor, the company has spent around $4 billion on purchasing BTC as of March 31.
These analysts, according to the report, recommend buying MicroStrategy’s shares with an average price target that’s more than triple where the stock closed on June 22.
Among the analysts, BTIG’s Mark Palmer was the most bullish of the four with a price target of $950 on MicroStrategy. Palmer commented on the advantages that MicroStrategy provided investors aside from exposure to Bitcoin.
MicroStrategy provides equity investors in particular with not only exposure to Bitcoin, which currently they don’t have many efficient ways to access (…) The company also offers an operating business that generates cash with which to buy more Bitcoin.
Meanwhile, the most bearish among the analysts was Jefferies Senior Analyst Brent Thill with a price target of $180 on MicroStrategy. Thill, on the other hand, commented on how MicroStrategy’s management team needed to focus more on the core software business – as it declined 3% in the first quarter of 2022.
Currently, MicroStrategy shares have fallen by 69% since the beginning of 2022. This comes from the fact that both tech stocks and Bitcoin have recently plummeted this year. MicroStrategy’s 69% decline is deeper than the Nasdaq 100 Index’s 29% drop and Bitcoin’s 55% decline.
Despite this crash, Michael Saylor still remains bullish on MicroStrategy’s Bitcoin plan. The company is even at the risk of facing a margin call on a $205 million loan that it took to purchase
even more BTC. In response to this, Saylor reassured investors that the company has ample collateral to pledge if deemed necessary.
Read more: https://coinquora.com/microstrategy-remains-wall-streets-pick-amid-market-crash/
Text source: News – CoinQuora – Latest Cryptocurrency and Block
