TD Cowen cuts Strategy 12-month target to $440 after $1.25B share sale

On January 15, 2026, TD Cowen lowered Strategy's 12-month price target to $440 from $500, citing dilution from ongoing share issuance. In the week ending January 11, 2026, the firm raised around $1.25 billion by selling approximately 6.8 million common and 1.2 million STRC preferred shares to buy 13,627 Bitcoins; analysts project roughly 155,000 BTC in fiscal 2026 with a 7.1% yield.