TD Cowen lowered the firm’s price target on Strategy (MSTR) to $620 from $640 and keeps a Buy rating on the shares. The firm said Strategy printed another all-preferred week of capital markets activity, which suggests that as market demand for bitcoin-backed credit instruments is growing, management views its common stock as undervalued relative to the price of bitcoin. Cowen concurs and believes the shares’ current roughly 50% premium to bitcoin holdings undervalues expected BTC Yield, not to mention embedded operating leverage.
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