$Strategy(MSTR)$
Benchmark's summary regarding MSTR in the report includes the following:
"We are reiterating our Buy rating on MSTR and our price target of $650 based on a sum-of-the-parts analysis that includes (1) the projected value of the company’s bitcoin holdings as of YE26, (2) a 15x multiple of its FY26E BTC $ Gain, and (3) the projected value of its software business as of YE26.
As a result of the pullback in MSTR’s share price, it now trades at 1.94x its net asset value, a level that we view as attractive given the company’s demonstrated ability to create shareholder value through its treasury operations."
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