What to know:
- Broker Benchmark has assumed coverage of Semler Scientific with a buy rating and a $101 price target, a move that could make one wonder if the world has truly gone mad. 🤔
- Semler, once a humble player in the medical diagnostics field, now trades at a deep discount to its bitcoin treasury peers, a gap that analyst Mark Palmer believes will close, much to the delight of those who enjoy a good financial drama. 🎭
- The analyst’s $101 price target for Semler is based on the audacious assumption that bitcoin will hit $225,000 by the end of 2026, a prediction that might as well be a plot from a Tolstoy novel. 📚
Benchmark’s Mark Palmer, a man of considerable foresight and perhaps a touch of audacity, initiated coverage of Semler Scientific (SMLR) with a buy rating and a $101 price target. He cited the company’s dramatic pivot from medical diagnostics to bitcoin accumulation as a key value driver, a move that has left many scratching their heads and others reaching for their wallets. 💸
Semler, which spent over 15 years focused on chronic disease detection, a noble but perhaps less glamorous pursuit, adopted bitcoin as its primary treasury reserve asset in May last year. This decision, as bold as it was unexpected, has set the stage for a tale of transformation and ambition. 🌟
The move made it only the second U.S.-listed firm, after Michael Saylor’s Strategy (MSTR), to adopt bitcoin as a treasury reserve asset. A bold step, indeed, and one that has not gone unnoticed. 🌈
Since then, the company has acquired roughly 4,636 BTC for $430 million, with an average cost basis of $92,753 per bitcoin, a figure that might make one question the sanity of the market. 🤯
Palmer noted that the stock rallied 178% in the six and a half months following its Bitcoin Standard announcement, peaking at $81.56 in December 2024. However, the analyst argued that Semler still trades at a steep discount compared to bitcoin treasury peers, a discrepancy that seems almost comical in its magnitude. 🤪
Its multiple of net asset value (mNAV) sits at 1.25, compared to 4.29 for Japan-based Metaplanet (3350) and 6.45 for France’s Blockchain Group (ALTBG), the analyst noted. A gap that, if closed, could make for a tale of financial triumph worthy of the greatest novelists. 📜
Benchmark believes this gap could close. Management recently appointed Joe Burnett as Director of Bitcoin Strategy and outlined bold BTC accumulation targets: 10,000 BTC by the end of 2025, 42,000 by the end of 2026, and 105,000 by the end of 2027. Ambitions that, if realized, would make Semler a force to be reckoned with in the world of digital currencies. 🌐
The report notes that resolving legal and regulatory headwinds from Semler’s legacy healthcare business, including a Department of Justice (DOJ) investigation and Medicare reimbursement uncertainties, could help lift its valuation further. A challenge that, while daunting, adds a layer of complexity and intrigue to the story. 🕵️♂️
Benchmark’s $101 price target is based on a sum-of-the-parts valuation that assumes bitcoin will hit $225,000 by the end of 2026. A prediction that, if true, would make Tolstoy’s characters seem like mere amateurs in the grand scheme of things. 📈
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2025-07-08 15:32