TD Cowen Sees 140% Upside In Strategy Stock

CryptoProwl

Tue, May 19, 2026 at 8:31 AM EDT 1 min read

Strategy’s (NASDAQ: $MSTR) stock has gotten a price target boost. 

TD Cowen (NYSE: $TD) has raised its price target on MSTR shares to $400 U.S., saying it sees accelerating Bitcoin purchases and a cleaner balance sheet as catalysts for the company. 

The new price target from TD Cowen is 140% higher than where Strategy’s stock currently trades. The brokerage maintained a buy rating on MSTR stock.

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In a note to clients, TD Cowen said it remains bullish on Strategy, a crypto treasury firm, based on its ongoing and aggressive Bitcoin purchases. 

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

Strategy’s total holdings of Bitcoin stand at 843,738 tokens, purchased at a cost of $64 billion U.S.

TD Cowen said that Bitcoin per 1,000 fully diluted shares of Strategy has reached 2.21 times as of May 17, up from 1.95 times at the end of 2025. 

Analysts called Strategy’s trajectory with its Bitcoin holdings impressive and noted that the BTC accumulation continues to outpace share issuance even as dilution rises.

The second driver of TD Cowen’s bullish thesis on Strategy is an improving balance sheet at the serial Bitcoin acquirer. 

The brokerage argues that Strategy has improving credit quality and is lowering its future refinancing risks, giving it greater financial flexibility moving forward.

MSTR stock has declined 60% over the past 12 months to trade at $166.63 U.S. per share.