Benchmark raises MicroStrategy (MSTR) target price to $2150

ChainCatcher news, according to Coindesk, despite MicroStrategy (MSTR) reporting second-quarter revenue that missed expectations, Wall Street brokerage Benchmark has raised the target price for MSTR stock to $2,150 and given it the highest rating. (The current stock price is only $1,447)

Benchmark analyst Mark Palmer wrote in a research report on Friday that since adopting Bitcoin as its primary reserve asset in August 2020, MSTR's stock price has increased by 1,206%. Since then, the stock's performance has sharply contrasted with Bitcoin (BTC), the S&P 500 index, and the Nasdaq index, which have risen by 442%, 64%, and 60%, respectively.

The company reported a net loss of $102.6 million for the second quarter on Thursday, as it recorded an impairment loss of $180.1 million on its Bitcoin holdings. The company currently holds 226,500 Bitcoins, with an average purchase price of $36,821 each.