TheBlock
TD Cowen raised its price target on Strategy to $395 from $385 — implying more than 110% upside from Wednesday's close of $186.82 — arguing the company's accelerating use of STRC perpetual preferred stock makes its bitcoin accumulation more capital-efficient than the market currently prices in. Analysts Lance Vitanza and Jonnathan Navarrete revised BTC Yield estimates to 18.2% for fiscal 2026 (from 16.7%) and to 9.6% for 2027 (from 5.4%), with estimated BTC dollar gains for 2026 rising to $13.9 billion.
The core of the thesis is a capital structure pivot: Strategy has raised more than $5 billion in STRC year-to-date, making the 11.5%-yielding perpetual preferred the dominant engine of Saylor's 42/42 plan. TD Cowen also clarified that Strategy's breakeven mNAV sits at approximately 1.22x — not 1.0x as widely assumed — strengthening the case for preferred issuance over common equity…
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