Canaccord Lowers MicroStrategy Price Target To $173, Cites Ongoing Bitcoin Accumulation
Canaccord Lowers MicroStrategy Price Target To $173, Cites Ongoing Bitcoin Accumulation
Canaccord Genuity has revised its price target for MicroStrategy (NASDAQ:MSTR) from $185 to $173 while maintaining a Buy rating on the stock.
加拿大經紀已將其對microstrategy (納斯達克:MSTR) 的目標股價從185美元調整爲173美元，並維持對該股的買入評級。
The adjustment comes as the business intelligence company continues its aggressive Bitcoin (CRYPTO: BTC) acquisition strategy, which has seen it amass a significant cryptocurrency portfolio.
這一調整是因爲這家商業智能公司繼續實施其積極的比特幣 (加密貨幣: BTC) 收購策略，該策略已使其積累了大量的數字貨幣資產。
What Happened: According to Canaccord analyst Joseph Vafi, MicroStrategy has purchased over $1.1 billion in additional Bitcoin in just six weeks, bringing its total holdings to approximately 244,800 Bitcoin, valued at around $14.6 billion.
事件經過：據加拿大經紀分析師Joseph Vafi稱，microstrategy在短短六週內就購買了超過11億美元的比特幣，使其總持有量達到約244,800比特幣，價值約146億美元。
"MicroStrategy remains aggressive in building its BTC HODL," Vafi noted in his report. "Given MicroStrategy's aggressive acquisition of Bitcoin over the past few years, approximately $900 million left on its most recent shelf offering, and the accretive setup to acquire more Bitcoin using equity sales, we would expect to see the company remain active in its purchases."
「MicroStrategy在積極建設其比特幣（BTC）資產組合方面仍顯得積極。」 Vafi在報告中指出：「考慮到MicroStrategy在過去幾年中對比特幣的積極收購，以及最近一輪發行的最新股票貼現剩餘約9,000萬美元，以及通過股權銷售進行更具增值性的比特幣收購的有利環境，我們預計該公司在收購方面將繼續活躍。」
The analyst highlighted MicroStrategy's newly introduced "Bitcoin Yield" metric, which measures growth in its Bitcoin holdings versus growth in share count.
分析師強調了MicroStrategy新引入的「比特幣收益率」指標，該指標衡量了其比特幣持有量的增長與股票數量的增長之間的關係。
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This metric stands at 17% year-to-date and 4.4% quarter-to-date, indicating accretive Bitcoin acquisitions. Vafi explained, "While MSTR's stock continues to trade at a material premium to its HODL, we attribute the Bitcoin Yield differential YTD v QTD to using proceeds from convertible notes earlier in the year to acquire more bitcoin even more accretively versus straight equity more recently."
這一指標截至目前已達到17%，季初達到4.4%，表明比特幣收購具有增值性。 Vafi解釋說：「雖然MSTR的股票繼續以較高溢價交易，但我們將今年以來的比特幣收益率差異歸因於早些時候利用可轉換債券的收益更有增值地收購更多比特幣，而在最近的時間更直接地通過股權。」
Despite lowering the price target, Canaccord remains optimistic about MicroStrategy's strategy and the overall Bitcoin market.
儘管降低了價格目標，Canaccord仍對MicroStrategy的策略和整體比特幣市場持樂觀態度。
The firm's valuation methodology takes into account a 20% one-year appreciation in Bitcoin price versus current spot rates, a 15% increase in value to MicroStrategy's software business, and the assumption that the current sum-of-the-parts premium remains intact.
該公司的估值方法考慮了比特幣價格相對於當前現貨價格的一年漲幅20％、MicroStrategy軟件業務價值增長15％以及當前部分價值溢價保持完整的假設。
Vafi also pointed to potential catalysts for Bitcoin's performance, stating, "We view the 2024 election cycle as a positive catalyst" for the cryptocurrency market.
Vafi還指出了比特幣表現的潛在催化劑，表示"我們認爲2024年選舉週期對加密貨幣市場是一個積極的催化劑"。
What's Next: The upcoming Benzinga Future of Digital Assets event on Nov. 19 is expected to provide further insights into the strategies of companies heavily invested in cryptocurrencies.
下一步是即將到來的Benzinga數字資產未來活動，預計將進一步提供對重點投資於加密貨幣的公司策略的洞察。
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Image: Shutterstock
圖片：shutterstock
譯文內容由第三人軟體翻譯。