TD Cowen Lowers MicroStrategy (MSTR) 12-Month Price Target to $440 on Equity Dilution for Bitcoin Buys

On Jan. 15, TD Cowen cut its 12-month price target for MicroStrategy (MSTR) to $440 from $500, citing dilution from ongoing equity issuance used to fund Bitcoin purchases. The bank now expects MicroStrategy to accumulate about 155,000 BTC in FY2026, up from a prior estimate of 90,000 BTC, but lowered its 2026 Bitcoin yield forecast to 7.1% from 8.8%. TD Cowen noted the company raised $1.25 billion last week to buy 13,627 BTC and reiterated a bullish Bitcoin outlook, projecting $177,000 by end-2026 and $226,000 by end-2027.