TD Cowen Raises MSTR Price Target to $400

On May 19, TD Cowen raised its price target on Strategy stock from $395 to $400.

Analyst Lance Vitanza and associate Jonnathan Navarrete pointed to the company’s growing bitcoin per share metric as a key reason behind the bullish outlook.

Preferred equity issuance accounted for roughly $1.95 billion of Strategy’s capital raises during the second quarter of 2026, with nearly all of the proceeds used to acquire more bitcoin, according to TD Cowen analysts.

Lance Vitanza said the company has already purchased more BTC so far this quarter than the firm had originally projected for the entire period. Vitanza now expects Strategy to acquire approximately 100,000 bitcoin during Q2 2026.

TD Cowen also raised its full-year BTC yield forecast for Strategy from 18.2% to 19.8%, while increasing its projected BTC dollar gain estimate from $13.89 billion to $15.16 billion.

The analysts pointed to Strategy’s rising bitcoin holdings per 1,000 fully diluted shares as evidence that the company’s financing strategy continues to work despite increasing dilution. According to the report, the metric climbed to 2.21x as of May 17, up from 1.95x at the end of 2025.

Vitanza described the growth as a “core validation of Strategy’s financing model,” noting that the company’s bitcoin accumulation continues to outpace share issuance.

TD Cowen also factored in Strategy’s recent repurchase of $1.5 billion worth of 2029 convertible senior notes for $1.38 billion, representing an approximate 8% discount to face value.

According to the analysts, the move reduces fully diluted share exposure, improves credit quality, and lowers future refinancing risk, calling it an “important signal of financial flexibility.”