MSTR up 2.27% to $155.40 in pre-market amid Benchmark $705 target reaffirmation

MicroStrategy (MSTR) is trading higher in pre-market, up 2.27% to $155.40, after Benchmark reaffirmed its Buy rating and set a $705 target, citing the company's significant Bitcoin exposure.

• The company faces an ongoing MSCI index exclusion risk by January 15, which could potentially trigger $8.8B in outflows.
• Benchmark noted that the current valuation represents a 26% discount to MicroStrategy's net asset value.
• The stock movement follows modest gains in the crypto market, with Bitcoin rising 1.26% since the last close.