Tiger Brokers

Benchmark下调Strategy目标价至435美元，维持买入评级

环球市场播报
Jul 31

　　投资机构Benchmark近日更新了对Strategy的评级，将其目标股价从此前的570美元下调至435美元，同时维持“买入”评级。

　　Benchmark分析师Mark Palmer在报告中解释了此次下调的原因。Strategy的核心商业模式已从企业软件提供商转型为比特币财资公司，其资产负债表持有超过80万枚比特币，而传统软件业务年营收约5亿美元，相较于比特币持仓已可忽略不计。随着比特币价格在过去一年下跌约46%，Strategy的股价自高点大幅回落，年内跌幅约36%，过去12个月跌幅约75%。Benchmark的目标价下调反映了对比特币价格走势和公司风险特征的重新审视。

　　尽管目标价下调，435美元的目标价仍远高于当前约97美元的股价，显示出Benchmark对该股仍抱有长期信心。分析人士指出，一旦比特币价格出现反弹，Strategy的股价有望恢复其相对于净资产价值的溢价水平。

　　值得注意的是，Strategy近期面临结构性压力。公司持有约81.7亿美元长期债务，每季度需支付约2.3亿美元优先股股息，而现金储备仅约22亿美元。为此，公司已启动12.5亿美元的比特币货币化计划，通过出售约3588枚比特币筹集2.16亿美元用于股息支付和补充美元储备。

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