TD Cowen analyst Lance Vitanza raised the firm’s price target on Strategy (MSTR) to $385 from $350 and keeps a Buy rating on the shares after the company disclosed that it bought an additional $1B of bitcoin. The stock in midday trading is up 1% to $129.90. Demand for Strategy’s “stretch” perpetual preferred shares has surprised to the upside even as its bitcoin premium has shrunk, the analyst tells investors in a research note. TD says that with average daily trading volume over the past month better than $240M, the instrument appears to be gaining momentum among retail investors, institutional investors, and corporate treasuries.
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