Wall Street brokerage firm Benchmark raises MicroStrategy (MSTR) target price to $2,150

Despite MicroStrategy (MSTR) reporting second-quarter revenue that missed expectations, Wall Street brokerage Benchmark still raised its price target for MSTR stock to $2,150 and gave it a top rating. (The current share price is only $1,447) Since adding Bitcoin as its primary reserve asset in August 2020, MSTR shares have risen 1,206%, Benchmark analyst Mark Palmer wrote in a research note on Friday. Since then, the stock's performance has been in stark contrast to Bitcoin (BTC), the S&P 500 and the Nasdaq, which have risen 442%, 64% and 60%, respectively. The company reported a net loss of $102.6 million in the second quarter on Thursday as it took an impairment loss of $180.1 million on its Bitcoin holdings. The company currently holds 226,500 Bitcoins, which it purchased at an average price of $36,821 each. (Coindesk)