MicroStrategy (NASDAQ: MSTR) Stock Analysis: BTIG Raises Price Target Amid Bitcoin Holdings and Accounting Changes

• MicroStrategy (NASDAQ: MSTR) receives a "Buy" rating and an increased price target from BTIG, signaling strong analyst confidence in its unique business model.
• The company reported robust first-quarter revenue, with its substantial Bitcoin holdings significantly influencing its market valuation and financial performance.
• Despite positive outlooks, MicroStrategy's stock exhibits volatility, influenced by Bitcoin price movements and new fair value accounting standards impacting financial reporting.

MicroStrategy (NASDAQ: MSTR), which now operates as Strategy, is a software company also known as the world's largest corporate owner of Bitcoin. On May 6, 2026, analyst firm BTIG confirmed its "Buy" rating for MicroStrategy. This action signals continued confidence from the firm in the company's unique business model.

In addition to maintaining the rating, BTIG raised its price target for MicroStrategy to $350 from $250, when the stock was trading at $186.90. This positive view is shared by other analysts. As highlighted by 24/7 Wall St., the average analyst price target is $372.50, suggesting a potential upside of around 118%.

This optimism is supported by recent performance. As reported by Benzinga, MicroStrategy announced first-quarter revenue of $124.3 million, beating estimates of $120.75 million. The company's value is closely tied to its 818,334 Bitcoins, which currently have a market value of $64.14 billion, showing a year-to-date gain of $4.97 billion.

Despite the positive ratings, the stock is volatile. It has lost 51.18% over the past year from a 52-week high of $457.22. This drop is linked to Bitcoin's price changes and new accounting rules that affect how the company reports its financial results.

New "fair value" accounting rules require MicroStrategy to report changes in Bitcoin's market price as gains or losses on its income statement, even if it does not sell the asset. For example, this led to a reported unrealized loss of $17.44 billion in the fourth quarter of 2025.