Crypto
TD Cowen cuts Strategy price target 35 percent, lowers year-end bitcoin forecast
Investment bank TD Cowen cut its price target for Strategy, citing weakness in bitcoin. It lowered the target to $260 from $400, a 35 percent cut, and reduced its year-end bitcoin forecast to $100,000 from $140,000. Analysts cited bitcoin’s failure to rebound and said Strategy’s valuation needs a more realistic reassessment. TD Cowen was positive on Strategy’s new capital management framework and higher cash holdings, but noted rising costs from its STRC preferred stock.
