It is hard to find ways that MicroStrategy's Q2 could have gone worse, Citi analyst Walter Pritchard tells investors in a post-earnings research note where he removed the shares from his firm's Catalyst Watch list. License revenue declined 19% year-over-year despite a "very easy" down 20% comp and "significantly missed" low expectations of up 2%-3%, the analyst writes. He sees MicroStrategy shares as "dead money" until signs are seen that reinvestments can generate returns and revenue reacceleration. Pritchard, however, sees limited downside risk and reiterates a Neutral rating on the stock. He dropped his price target for the shares to $191 from $200.