Clear Street analyst Brian Dobson lowered the price target on MicroStrategy (MSTR) to $268.00 from $443.00. The firm maintained a "Buy" rating on the stock.
The revision stems from a sum-of-the-parts valuation. This valuation reflects lower assumptions for both Bitcoin's price and treasury yields.
MSTR has experienced significant volatility, falling over 12% in the past week. Despite the target reduction, the analyst noted MicroStrategy remains a "differentiated and compelling vehicle for leveraged Bitcoin (BTC) exposure on a per-share basis."
The report also highlighted the removal of a market overhang. This occurred after MSCI confirmed it would retain digital asset treasury companies in its indexes, a decision which reduces the risk of forced institutional selling.