TD Cowen analyst Lance Vitanza just cut his price target on Strategy (NASDAQ: MSTR) from $400 to $260. And somehow, that’s still wildly bullish. At a recent trading price of roughly $87 per share, the revised target implies nearly 199% upside, the kind of number that makes you read it twice.
The adjustment came alongside news that Strategy has ramped its USD reserves to $3 billion, a move designed to give the company a financial cushion thick enough to absorb the volatility that comes with being the world’s largest corporate Bitcoin holder.
Why the target dropped, and why it still screams buy
Vitanza maintained his Buy rating on MSTR, signaling that the reduction reflects updated assumptions about Bitcoin’s price trajectory rather than any fundamental shift in Strategy’s playbook.
The math behind the cut is straightforward. If you model a lower Bitcoin price into a company that holds 843,775 BTC, the equity valuation moves accordingly.
