TREE NEWS reports: TD Cowen maintained its $260 price target on Strategy (MSTR), saying shareholder dilution limits the benefit of brighter bitcoin forecasts. The broker kept its rating and target unchanged, framing dilution as a drag on the upside from higher BTC price assumptions.
TD Cowen Keeps $260 Target on Strategy, Cites Dilution Drag
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AI take
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.
Generated by AI for reference only.
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