Strategy Gets Buy Rating From Citi on Bullish Bitcoin Outlook

Investment bank Citi (C) initiated coverage of Strategy (MSTR) with a buy/high risk rating and a $485 price target, positioning the stock as a leveraged bet on bitcoin (BTC). MSTR shares were 1.5% higher in early trading on Tuesday, around $301. The price target reflects Citi’s 12-month bitcoin forecast of $181,000, representing 63% upside from current levels, and a 25% to 35% net asset value (NAV) premium, which aligns with Strategy’s historical 2.5x to 3.5x bitcoin yield multiple, the bank said in the ...