ChainThink reports that on June 30, TD Cowen lowered its price target for Strategy from $400 to $260, maintained a "Buy" rating, and stated that its latest capital framework is constructive.
This reduction is primarily due to the bank's downward revision of its Bitcoin price forecast, rather than a negative assessment of the capital framework itself.
TD Cowen has lowered its Bitcoin price forecast for the end of 2026 from approximately $140,000 to around $100,000, and its forecast for the end of 2027 from $190,000 to approximately $135,000.
Based on the Monday closing price of $92.68 for Strategy, the $260 target price still represents over 200% upside potential.
According to reports, Strategy has rebuilt its U.S. dollar reserves to $2.55 billion, issued over 12 million common shares in the past week, and did not purchase any Bitcoin during this period.
TD Cowen believes this move helps bolster market confidence in its ability to navigate Bitcoin's long-term downturn cycle.
In addition, Strategy has been approved for up to $1 billion in preferred share repurchases and $1 billion in common share repurchases, with a $1.25 billion cap on Bitcoin liquidation proceeds, all of which will be used to bolster U.S. dollar reserves.
The STRC preferred dividend rate has also been increased from 11.5% to 12%.