TD Cowen cut its price target on Strategy Inc. (NASDAQ:MSTR) to $260 from $400 after lowering its year-end Bitcoin (CRYPTO: BTC) forecast to $100,000.
The Cut Comes From Bitcoin’s Outlook, Not Monday’s New Framework
Analysts Lance Vitanza and Jonnathan Navarrete made clear the target reduction stems entirely from TD Cowen’s revised Bitcoin forecast rather than Strategy’s capital framework announcement.
The bank now projects Bitcoin reaching roughly $100,000 by the end of 2026 and $135,000 by the end of 2027, both sharply lower than prior estimates of $140,000 and $190,000.
TD Cowen left its projections for how many Bitcoin Strategy will acquire unchanged and kept its earnings multiple steady at 3x, meaning the lower target reflects Bitcoin’s trajectory alone, not any doubt about Strategy’s accumulation strategy.
