Strategy shareholders face dilution drag despite brighter bitcoin forecasts, TD Cowen says
60-second summary
TD Cowen maintains a $260 price target for MicroStrategy (MSTR), warning that anticipated dilution from new share issuances will curb gains even as its bitcoin‑price forecasts improve; the analyst notes that while higher BTC valuations could boost earnings, the expanding share pool dilutes existing shareholders’ stakes, likely limiting upside and keeping the stock’s market rally modest.
TD Cowen kept its $260 price target on Strategy (MSTR) as dilution limits the benefit of higher bitcoin forecasts.