StoneX Analyst Mark Palmer Sets MSTR Price Target at 435

StoneX Senior Equity Research Analyst Mark Palmer discusses Strategy's recent decision to spend six times more on buying back Stretch than on purchasing Bitcoin, totaling 176 million USD versus 29 million USD. He highlights the significance of the 4.9 billion USD Reserve in supporting the preferred stock's return to par value. Palmer also notes that Strategy will not increase the dividend rate for Stretch, despite daily dividends and volatility surrounding the ex-dividend date. He addresses the impact of June's Stretch sell-off on institutional investors and identifies where Bitcoin treasury balance sheet stress is most evident. Additionally, he compares perpetual preferreds with convertible notes in Strive's strategy and mentions the implications of USD cash and convert paydowns on Metaplanet's U.S. expansion. Palmer ultimately explains the rationale behind StoneX's reduction of the MSTR price target to 435.

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