Citi has raised its 12-month Bitcoin price forecast by 39% to $113,400, leading to an increase in MicroStrategy (MSTR) price target from the previous $136 to $240, while maintaining a 'Buy' rating, Walter Bloomberg reported. Citi estimated that approximately 34 percentage points of the price target increase would come from the rise in Bitcoin's price, with an additional 16 percentage points from the expansion of mNAV (net asset value relative to market value). Citi also increased MicroStrategy's Bitcoin Yield Multiple from 2.5x to 4.0x, assuming an mNAV of 1.24x as a result.
