Bitcoin Giant Strategy Gets Price Target Boost From TD Cowen After $2 Billion BTC Buy
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Analysts at TD Cowen think shares in Bitcoin treasury firm Strategy (MSTR) could jump as much as 139% to $400 per share in the next 12 months.
Key facts
Its preferred stock issuance allowed the firm to snatch up nearly 25,000 Bitcoin valued around $2 billion in the last week, extending its leading Bitcoin balance sheet to 843,738 BTC worth
Analysts at TD Cowen think shares in Bitcoin treasury firm Strategy (MSTR) could jump as much as 139% to $400 per share in the next 12 months
The new forecast reflects a $5 per share bump, up from the analysts’ previous $395 price target
As it stands, shares in MSTR were down around 1.1%, trading around $164.79 shortly after the opening bell on Tuesday
Summary
TD Cowen analysts have upgraded the price targets for shares of Strategy (MSTR) to $400 per share. The upgrade comes as Strategy continues to add Bitcoin via its preferred equity stock offering, Stretch (STRC). Shares of MSTR are down around 1% since trading began on Tuesday, changing hands around $164. The new forecast reflects a $5 per share bump, up from the analysts’ previous $395 price target.