Canaccord has lowered MicroStrategy's target price from $1,810 to $1,590

ChainCatcher news, broker Canaccord Genuity stated in a research report on Monday that it has lowered the target price for MicroStrategy from $1,810 to $1,590, while maintaining a buy rating.

The report noted that the main drivers for the new target price are the continued appreciation of Bitcoin and some revaluation of the software business. Although MSTR is currently in a profitable position with its held Bitcoin, this will not trigger a sustained increase in Bitcoin prices, becoming an upward driver at the current price levels.