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Texas Capital initiates coverage of MicroStrategy with a "Buy" rating and a price target of $200. Texas Capital notes that MicroStrategy is a leading digital asset capital management company, with increasing adoption of its Bitcoin holdings among institutional investors. Texas Capital believes that MicroStrategy's strategy of increasing Bitcoin holdings per share will be a long-term value driver, assuming Bitcoin prices appreciate approximately 10% annually. Texas Capital's price target is based on 1.19x net asset value, implying approximately 42% upside potential. Texas Capital also emphasized MicroStrategy's robust balance sheet, with cash reserves reaching $2.25 billion.