TD Cowen Raises MSTR Price Target to $395 on Thursday, Citing STRC Shift and Improved BTC Yield Outlook

According to TD Cowen analysts Lance Vitanza and Jonnathan Navarrete, the firm raised its price target on Strategy (MSTR) to $395 from $385 on Thursday, citing the company's shift toward STRC perpetual preferred issuance as more capital-efficient for bitcoin accumulation. The revision implies upside of more than 110% from Strategy's closing price of $186.82 on Wednesday.

TD Cowen also revised BTC Yield estimates upward to 18.2% for fiscal 2026 from 16.7%, and to 9.6% for fiscal 2027 from 5.4%. Estimated BTC dollar gains for 2026 rose to $13.9 billion from $12.7 billion. Strategy raised more than $5 billion through STRC year to date, according to the note.