TD Cowen slashed its Strategy (NASDAQ:MSTR) price target 20.5% to $350 from $440 while launching buy ratings on four crypto treasury firms as Bitcoin (CRYPTO: BTC) tapped $73,000 on Friday.
The Strategy Cut
Analysts Lance Vitanza and Jonathan Navarrete attributed the revised target to a “lower bitcoin price deck” and a reduction in the valuation multiple applied to the company’s projected bitcoin gains, The Block reported on Friday.
The analysts project Strategy’s “BTC gain” at $7.87 billion for fiscal year 2026, down from $10.17 billion in 2025. Strategy holds 766,970 BTC acquired at an average price of $75,700 per BTC.
TD Cowen’s base case assumes Bitcoin reaches $140,000 by December 2026, with the company acquiring about $5 billion in Bitcoin per quarter.
The Four Buy Initiations
TD Cowen initiated coverage of what it called a nascent industry sector, arguing that public Bitcoin and Ethereum Full story available on Benzinga.com
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