TD Cowen raised its price target on Strategy (MSTR) to $400 from $395 on Tuesday, citing accelerating bitcoin per share and a balance sheet action the firm called a clear positive for both equity and credit holders.
The note, authored by analyst Lance Vitanza and associate Jonnathan Navarrete, maintained a Buy rating on the stock.
The $5 target increase was driven by upward revisions to TD Cowen's 2026 BTC Yield and BTC Dollar Gain estimates after treasury activity since the last earnings call surpassed earlier models.
Preferred equity issuance has dominated Strategy's capital raises in the second quarter, with roughly $1.95 billion raised versus minimal common equity issuance. Nearly all proceeds have been deployed directly into bitcoin purchases, per TD Cowen.
As a result, Strategy has already acquired more bitcoin (BTC) partway through Q2 than TD Cowen had modeled for the entire quarter.
