TD Cowen raises Strategy price target to $395 on shift toward STRC issuance and improved BTC Yield outlook
TD Cowen raised MicroStrategy's (MSTR) price target to $395 from $385, citing improved capital efficiency from STRC perpetual preferred issuance funding bitcoin purchases. The analyst upgrade implies 110% upside, with revised BTC Yield estimates reaching 18.2% for fiscal 2026. The shift reduces shareholder dilution while accelerating non-dilutive bitcoin accumulation, supporting Saylor's $42 billion capital-raising roadmap through preferred securities.
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Bitcoin narrowly missed a major breakout. History says be careful.
Bitcoin pulled back below $81,000 after narrowly missing the 200-day moving average near $83,300, a key long-term strength indicator. History warns: BTC tested this level in March 2022 before collapsing. Supporting factors include gold highs, ETF inflows, and easing Treasury yields. Analysts watch three catalysts: sustained spot demand, exchange supply tightness, and derivatives stability determining next moves.