TD Cowen Sees 140% Upside In Strategy Stock

CryptoProwl

Tue, May 19, 2026 astatine 7:31 AM CDT 1 min read

Strategy’s (NASDAQ: $MSTR) banal has gotten a terms people boost. 

TD Cowen (NYSE: $TD) has raised its terms people connected MSTR shares to $400 U.S., saying it sees accelerating Bitcoin purchases and a cleaner equilibrium expanse arsenic catalysts for the company. 

The caller terms people from TD Cowen is 140% higher than wherever Strategy’s banal presently trades. The brokerage maintained a bargain standing connected MSTR stock.

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In a enactment to clients, TD Cowen said it remains bullish connected Strategy, a crypto treasury firm, based connected its ongoing and assertive Bitcoin purchases. 

Analysts said that Strategy, led by Executive Chairman Michael Saylor, has already acquired much Bitcoin this twelvemonth than it had modeled for the company.

Strategy’s full holdings of Bitcoin basal astatine 843,738 tokens, purchased astatine a outgo of $64 cardinal U.S.

TD Cowen said that Bitcoin per 1,000 afloat diluted shares of Strategy has reached 2.21 times arsenic of May 17, up from 1.95 times astatine the extremity of 2025. 

Analysts called Strategy’s trajectory with its Bitcoin holdings awesome and noted that the BTC accumulation continues to outpace stock issuance adjacent arsenic dilution rises.

The 2nd operator of TD Cowen’s bullish thesis connected Strategy is an improving equilibrium expanse astatine the serial Bitcoin acquirer. 

The brokerage argues that Strategy has improving recognition prime and is lowering its aboriginal refinancing risks, giving it greater fiscal flexibility moving forward.

MSTR banal has declined 60% implicit the past 12 months to commercialized astatine $166.63 U.S. per share.