Strategy price target lowered to $250 from $630 at BTIG

BTIG lowered the firm’s price target on Strategy (MSTR) to $250 from $630 and keeps a Buy rating on the shares. The company’s Q4 earnings call was overshadowed by bitcoin prices that traded off 8% in the hours leading up to the call, the analyst tells investors in a research note. BTIG reminds investors that Strategy’s convertible debt is “extremely over-collateralized” and is covered even if bitcoin prices drew down 80%. Further, the company has 30 months of USD reserves to cover preferred equity dividend payments, adds the firm. It cites the recent bitcoin volatility for the target cut.