Investment bank TD Cowen lowered its price target on The Smarter Web Company PLC to £0.64 ($0.86) from £1.00 ($1.35), while reaffirming a Buy rating on the UK-based bitcoin treasury company.
Smarter Web shares traded at £0.287 ($0.39) on Monday morning, according to London Stock Exchange data. TD Cowen's £0.64 price target implies about 123% upside from that level.
In a note to clients, TD Cowen analysts led by Lance Vitanza said the revised price target incorporates bitcoin forecast assumptions published last month, as well as updated treasury activity and dilution projections.
Their valuation framework assigns £63 million to treasury operations and values projected year-end 2026 bitcoin holdings at £229 million. After factoring in projected net debt of £18 million, the analysts derived a target equity value of £274 million, equivalent to £0.64 per share based on 426 million fully diluted shares.
The analysts also reiterated their broader investment thesis for Smarter Web, describing the company as a public bitcoin treasury company focused on accumulating bitcoin and increasing bitcoin holdings on a fully diluted per-share basis through equity, debt, and other financing tools. The company most recently disclosed holdings of 2,878 BTC.
