Shares of MicroStrategy Inc. looked set to extend their bounce on Monday, after Benchmark analyst Mark Palmer raised his price target to the highest on Wall Street, saying the ability of the company to create shareholder value through its bitcoin purchases is being undervalued.

MicroStrategy (NASDAQ:MSTR) bought ~55,500 more bitcoins  (BTC-USD) for ~$5.4B in the week of Nov. 18-24, an ~17% increase in its bitcoin holdings, the company disclosed in a filing on Monday. The software company,

Bernstein analyst Gautam Chhugani, who boosted his price target on MicroStrategy by $310 to $600 a share in a note published Monday, sees the group as a principal beneficiary. Chhugani estimates MicroStrategy owns around 1.7% of global bitcoin and says could grow to 4% over the next decade in his base-case scenario.