Investment bank TD Cowen lowered its target price for Strategy to $440.

According to Mars Finance, citing The Block, investment bank TD Cowen has lowered its one-year price target for Bitcoin reserve company Strategy (formerly MicroStrategy) from $500 to $440, citing declining Bitcoin yields due to ongoing equity and preferred stock issuances. Analysts expect Strategy to acquire approximately 155,000 Bitcoins in fiscal year 2026, a significant increase from the previously anticipated 90,000, but these acquisitions will primarily be financed through common and preferred stock, diluting Bitcoin yields. Despite the lowered price target, analysts remain optimistic about Strategy's value as a Bitcoin investment vehicle, predicting that Bitcoin prices will reach approximately $177,000 in December 2026 and approximately $226,000 in December 2027.