Investment bank TD Cowen lowers Strategy target price to $440

ChainCatcher News, according to The Block, investment bank TD Cowen has lowered the one-year price target for bitcoin reserve company Strategy (formerly MicroStrategy) from $500 to $440, citing a decline in bitcoin yield due to ongoing equity and preferred stock issuances.

Analysts expect Strategy to acquire approximately 155,000 bitcoins in fiscal year 2026, a significant increase from the previous estimate of 90,000, but these acquisitions will be mainly financed through common and preferred stock, diluting the bitcoin yield.

Despite the lowered price target, analysts remain optimistic about Strategy's value as a bitcoin investment vehicle, and predict that the price of bitcoin will reach approximately $177,000 in December 2026 and about $226,000 in December 2027.