Citi analyst Tyler Radke lowered his suggestion on MicroStrategy to “promote” from “impartial,” warning buyers in a Tuesday analysis be aware the corporate’s current bitcoin euphoria could also be overextended, in keeping with Looking for Alpha.
Radke cited CEO Michael Saylor’s “disproportionate focus” on bitcoin as a doubtlessly troubling pattern for the enterprise intelligence firm. He additionally mentioned MicroStrategy’s deliberate $400 million debt providing to fund extra bitcoin purchases indicators “incremental danger to the story.”
Insider promoting additionally contributed to Radke’s eyeing a $250 value goal (nonetheless above his earlier MSTR goal of $200).
Shares of MSTR have been down greater than 10% to $300.86 in current buying and selling. The shares have greater than doubled since August, largely pushed by Saylor’s foray into bitcoin.
