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TD Cowen raises the target price for Strategy to $395
ChainCatcher news, according to a report by The Block, says that TD Cowen analyst raised Strategy (MSTR)’s target price from $385 to $395, implying an upside of more than 110% versus the current share price.
The analyst believes Strategy’s strategy of increasing the use of STRC (variable-rate perpetual preferred stock) issuance to fund Bitcoin acquisitions significantly improves capital efficiency and is more attractive than current market pricing. In the first quarter of 2026, the company raised more than $2 billion through STRC, with the full-year cumulative total exceeding $5 billion.
TD Cowen also refutes market concerns about “perpetual dilution,” stressing that the annual dividend burden of STRC accounts for only about 2.2% of the value of its Bitcoin holdings, which can be covered by a modest increase in Bitcoin’s price.