Strategy price target lowered to $640 from $680 at TD Cowen

TD Cowen lowered the firm’s price target on Strategy (MSTR) to $640 from $680 and keeps a Buy rating on the shares. The firm noted that over the last week, Strategy purchased another 4,048 bitcoins for $449.3M, likely reflecting “management’s desire to take advantage of what many perceive to be temporary weakness in the price of bitcoin.” However, TD Cown trimmed it price target to reflect “near-term BTC and cap markets fundamentals.”