Bernstein just dialed back their enthusiasm on MicroStrategy—sort of. The firm's still bullish with an Outperform rating intact, but they've slashed the price target from $600 down to $450. That's a meaningful haircut, though they're clearly not ready to abandon ship entirely. The move reflects shifting sentiment around the corporate Bitcoin holder, even as analysts maintain confidence in the long-term thesis. Worth watching how this plays out given MSTR's heavyweight position in the crypto-equity space.