Strategy Inc (NASDAQ:MSTR) shares surged 22% Friday as TD Cowen maintained its $440 price target, arguing there is “no reasonable scenario” forcing the company to sell Bitcoin (CRYPTO: BTC) despite trading underwater on its holdings.
The Bull Case Amid Carnage
TD Cowen analysts Lance Vitanza and Jonnathan Navarrete said Strategy is “better positioned than ever” to participate in a potential recovery, even as the premise looks strained amid steep declines. The company’s shares are down 13.4% so far in 2026, adding to a 47.5% slump last year.
The volatility looks intentional ― analysts noted Strategy’s common stock is designed to be about 1.5 times more volatile than Bitcoin.
“It should come as no surprise that Strategy’s shares outperform Bitcoin when the price rises, and underperform when falling. This is, in fact, by design,” they said.
On solvency concerns, TD Cowen argued Strategy has the “wherewithal to …Full story available on Benzinga.com
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