TD Cowen analyst Lance Vitanza raised his price target for MicroStrategy (MSTR) to $400 from $395. The analyst maintained a Buy rating on the stock. This new target represents a potential upside of approximately 143% from current trading levels.
Vitanza expects the company to acquire nearly 100,000 Bitcoin in the second quarter alone. This aggressive accumulation pace exceeded previous analyst expectations.
MicroStrategy recently retired approximately $1.5 billion of convertible debt at a discount. This move reduces refinancing risk and strengthens the company's balance sheet. The funding strategy now prioritizes perpetual preferred shares over common stock sales to support growth.