MicroStrategy Target Cut to $350 on Conservative Bitcoin Forecast
TD Cowen cut MicroStrategy’s price target to $350 from $440 while retaining its Buy rating, citing a more conservative bitcoin price deck and a reduced multiple on projected future gains. The firm still regards MicroStrategy as the benchmark public-market vehicle for concentrated bitcoin exposure.
1. Price Target Reduced Amid Bitcoin Forecast Shift
TD Cowen trimmed MicroStrategy’s price target from $440 to $350, reflecting a more conservative forecast for bitcoin prices and a lower multiple on anticipated bitcoin-related dollar gains.
2. Buy Rating Retained Due to Benchmark Status
Despite the target cut, Cowen kept its Buy rating, emphasizing MicroStrategy’s established role as the leading public-market vehicle for investors seeking direct bitcoin exposure.
3. Sector Evolution Spurs New Coverage
Cowen initiated Buy coverage on Sharplink, Strive, Nakamoto and The Smarter Web Company, highlighting a trend of evaluating crypto treasury firms by structure, yield profile and the nature of their digital-asset exposure.