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Citi Analyst Chides Saylor's Bitcoin Focus, Cuts MicroStrategy to 'Sell'
MicroStrategy was trading sharply lower Tuesday after a Citi analyst changed his rating to "sell."
Citi analyst Tyler Radke lowered his recommendation on MicroStrategy to "sell" from "neutral," warning investors in a Tuesday research note the company's recent bitcoin euphoria may be overextended, according to Seeking Alpha.
STORY CONTINUES BELOW
Radke cited CEO Michael Saylor's "disproportionate focus" on bitcoin as a potentially troubling trend for the business intelligence company. He also said MicroStrategy's planned $400 million debt offering to fund additional bitcoin purchases signals "incremental risk to the story."
Insider selling also contributed to Radke's eyeing a $250 price target (still above his previous MSTR target of $200).
Shares of MSTR were down more than 10% to $300.86 in recent trading. The shares have more than doubled since August, largely driven by Saylor's foray into bitcoin.
Danny Nelson
Danny is CoinDesk's managing editor for Data & Tokens. He formerly ran investigations for the Tufts Daily. At CoinDesk, his beats include (but are not limited to): federal policy, regulation, securities law, exchanges, the Solana ecosystem, smart money doing dumb things, dumb money doing smart things and tungsten cubes. He owns BTC, ETH and SOL tokens, as well as the LinksDAO NFT.
