Strategy (MSTR) news: Canaccord slashes price target as stock tumbles to multi-year low
CoinDesk
Canaccord analyst Joseph Vafi significantly reduced Strategy's price target due to the company's plunging stock and Bitcoin's 'identity crisis'.Summary
Canaccord analyst Joseph Vafi slashed his price target for Strategy (MSTR) by 61% to $185 from $474, citing Bitcoin's current 'identity crisis' and its performance relative to traditional safe-haven assets like gold. Despite the downgrade, Vafi maintains a 'buy' rating, anticipating a 40% upside from the current price. Strategy's stock is down significantly year-to-date, year-over-year, and from its record high. The analyst notes Strategy's ability to weather volatility due to its substantial Bitcoin holdings and manageable debt, but expects a sizable unrealized loss related to Bitcoin's fourth-quarter selloff. Vafi's new target assumes a 20% rebound in Bitcoin prices and a recovery in the company's mNAV.
(Source：CoinDesk)