Analyst Lance Vitanza of TD Cowen maintained a Buy rating on Strategy, retaining the price target of $620.00.
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Lance Vitanza’s rating is based on the resilience and continued adoption of Bitcoin globally, despite recent market volatility. The recent fluctuations in Bitcoin prices, while significant, have not deterred the ongoing global adoption, as evidenced by developments in countries like Japan and the UK. Strategy’s proactive approach of acquiring Bitcoin at a faster rate than issuing equity has resulted in an increase in Bitcoin per diluted share, which is a positive indicator for investors.
Furthermore, the digital asset ecosystem demonstrated robustness during a massive liquidation event, with Bitcoin and Ethereum maintaining stability compared to less-reputable tokens. This resilience, coupled with the fact that Bitcoin is nearing its all-time high, suggests a strong long-term potential for investors. Additionally, regulatory advancements in Japan, such as the potential relaxation of the ban on banks investing in digital assets, further support the positive outlook for Bitcoin and, by extension, Strategy’s stock.
In another report released on October 15, China Renaissance also initiated coverage with a Buy rating on the stock with a $473.00 price target.
Based on the recent corporate insider activity of 95 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of MSTR in relation to earlier this year.