Canaccord cuts MicroStrategy price target, maintains buy rating

According to BlockBeats, on April 30, broker Canaccord Genuity said in a research report on Monday that it would lower MicroStrategy's target price from $1,810 to $1,590, while maintaining a buy rating. The report said that the main driving force behind the new target price is the continued appreciation of Bitcoin and some revaluation of the software business. Although MSTR is currently profitable on its Bitcoin holdings, this will not trigger a continued rise in Bitcoin prices and become an upward driving force at the current price level. Today, MicroStrategy released its first quarter financial report, with a loss of $53.1 million in Q1. At the same time, the company currently holds 214,400 Bitcoins, worth $13.5 billion.