TD Cowen analyst Lance Vitanza lowered the firm’s price target on Strategy (MSTR) to $535 from $620 and keeps a Buy rating on the shares. The firm said last week’s initial S&P credit rating effectively triples the company’s addressable market, just as Strategy digs in on overseas opportunities that could double addressable market yet again. Cowen expects bitcoin premium and capital issuance to reaccelerate in 2026, consistent with prior cycles.
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