TD Cowen analysts have revised their valuation assessment for MicroStrategy (MSTR), a leading institutional holder of Bitcoin, cutting the firm’s price target to $440 per share. The adjustment reflects a more conservative outlook regarding the future yield and efficiency derived from the company’s extensive Bitcoin portfolio. According to the research note issued to clients, the brokerage cited concerns over a potentially slower rate of appreciation for the underlying cryptocurrency and increased scrutiny over the operational costs associated with maintaining and expanding its leveraged Bitcoin acquisition strategy. While TD Cowen acknowledged MicroStrategy’s position as a primary proxy for investors seeking direct equity exposure to Bitcoin, the new target incorporates a less optimistic forecast for the realized gains generated by the crypto asset. The firm emphasized that current macroeconomic headwinds and shifting yield expectations necessitated the downward revision in the short-to-medium term valuation model.
Source: TD Cowen cuts Strategy price target to $440, cites lower bitcoin yield outlook
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