TD Cowen analyst Lance Vitanza has cut his price target on Strategy, the company formerly known as MicroStrategy, from $400 to $260. He kept his Buy rating in place, which means he still thinks the stock goes higher from here. He just thinks it goes less higher than before.
The revision is less a vote of no-confidence and more an acknowledgment of where Bitcoin is trading. Strategy’s stock is, functionally, a leveraged bet on Bitcoin’s price. When BTC assumptions come down, MSTR targets follow almost mechanically.
What changed and why it matters
Vitanza’s target of $400 was issued in May, driven by the company’s aggressive Bitcoin accumulation posture and an optimistic read on where BTC was heading. The new $260 target reflects updated Bitcoin price assumptions rather than any shift in the underlying thesis.
In 2026 alone, price targets for MSTR have ranged from a high of $500 all the way down to $260, swinging in lockstep with analyst forecasts for Bitcoin. Mizuho issued a comparable target of $265 for MSTR in June 2026, landing almost exactly where Vitanza ended up.
