TD Cowen Lifts Strategy (MSTR) Price Target on Bitcoin Accumulation

TLDR

• TD Cowen raised its price target on Strategy (MSTR) to $400 from $395, keeping a Buy rating
• The firm cited faster-than-expected bitcoin accumulation as the key driver
• Strategy currently trades at $165.42, down 9.65% over the past week and nearly 60% over the past year
• The company posted a $14.5 billion mark-to-market loss on its Bitcoin holdings in Q1 2026
• Strategy has rescheduled an investor Q&A session for May 20, 2026

Strategy (MSTR) is trading at $165.42 as TD Cowen lifts its price target to $400, pointing to bitcoin accumulation that continues to outpace expectations.

Strategy Inc, MSTR

TD Cowen maintained its Buy rating while raising the target from $395 to $400. The firm said Strategy’s treasury operations are moving faster than expected, with bitcoin per share rising and financial flexibility improving.

The analyst noted that accretive balance sheet actions are the main engine behind the upgrade. Deleveraging efforts, combined with continued access to capital markets, underpinned the revised target.

TD Cowen also raised its fiscal year 2026 estimates for both bitcoin yield and bitcoin dollar gain for the company.

Despite the upgrade, the stock has had a rough stretch. MSTR is down 9.65% over the past week and has fallen 59.7% over the past year. The company’s market cap sits at $57.7 billion.

Q1 Earnings Took a Hit

Strategy reported a $14.5 billion mark-to-market loss on its Bitcoin holdings in its Q1 2026 earnings release. That contributed to a net income loss for the quarter, driven by unrealized losses on digital assets.

The earnings miss was widely anticipated by investors, according to Cantor Fitzgerald, which maintained an Overweight rating with a $212 price target.

Where Other Analysts Stand

Mizuho held its Outperform rating with a $320 price target, pointing to Strategy’s positioning in the Bitcoin market.

Canaccord raised its target to $224, citing Bitcoin’s climb above $80,000 as a tailwind for the company.

Benchmark moved in the other direction, cutting its price target to $570 and flagging Bitcoin’s volatility as a concern.

Cantor Fitzgerald kept its Overweight rating at $212, suggesting the Q1 miss was already priced in by the market.

The range of analyst targets — from $212 to $400 — reflects how differently the street is valuing Strategy’s bitcoin-heavy balance sheet right now.

Strategy has rescheduled its investor Q&A session to May 20, 2026. Key executives are expected to address retail investors at that event.

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