Mizuho Securities analyst Dan Dolev slashed his price target on Strategy Inc., formerly known as MicroStrategy, from $265 to $213 on July 7. The stock was trading around $100.77 at the time, which means Dolev is essentially telling investors: this thing could still more than double from here.
That’s the kind of “downgrade” most companies would love to receive. A reduced target that still implies roughly 110% upside, paired with a maintained Outperform rating, reads less like a bearish call and more like a recalibration of expectations.
What changed in the math
The price target reduction appears tied to Strategy’s recent pivot toward actively monetizing its massive Bitcoin stash. As of July 5-6, the company held approximately 843,775 BTC after conducting some sales, along with $2.55 billion in cash reserves.
The company has introduced several new financial instruments and frameworks in recent weeks, including what it calls a Digital Credit Capital Framework, preferred stock programs, and a $1 billion repurchase authorization.
