TD Cowen Keeps $260 Target on Strategy, Cites Dilution Drag

The unchanged target is the tell: TD Cowen is signaling that Strategy's equity story is now capped by share issuance rather than by bitcoin's price path, meaning a stronger BTC forecast no longer translates one-for-one into per-share upside. That reframes dilution as the binding constraint for holders of the equity, not the token. Whether the broker's stance shifts as BTC assumptions evolve, or whether other sell-side desks adopt the same dilution-first framing, is the open question.