MicroStrategy stock climbs as BTIG reiterates Buy, sees 197% upside

MicroStrategy (NASDAQ:MSTR) shares are rose as much as 4% in Wednesday premarket trading as BTIG analyst Mark Palmer reiterated his Buy rating on the Bitcoin (BTC-USD) hodler. Palmer views MSTR with a $950 price target, implying 197% upside from Tuesday's close. The extent of its weaker-than-expected software business performance in Q1 "was not nearly enough to justify the extent of the recent decline in the stock price, in our view, especially relative to the price of bitcoin during that span," Palmer wrote in a note to clients. Moreover, revenue slid 3% to $119.3M Y/Y in Q1 primarily driven by a "more challenging macroeconomic environment due to war in Ukraine" and "a tough comparison in Q1 2021," CFO and President Phong Le said during the Q1 earnings call. But management said that some of the business that failed to materialize in Q1 could reverse trend at some point this year. YTD, MSTR stock,