Strategy price target lowered to $560 from $697 at Cantor Fitzgerald

Cantor Fitzgerald lowered the firm’s price target on Strategy (MSTR) to $560 from $697 and keeps an Overweight rating on the shares. Strategy reported $3.9B in operating income for Q3, down from $14B in Q2, driven by Bitcoin price changes, ending the quarter with 640,031 BTC valued at $73.2B, the analyst tells investors. October additions of only 778 BTC mark the slowest monthly accumulation in over a year, reflecting a compressed mNAV, which limits the accretive potential of Strategy’s capital markets strategy and reduces the valuation of its treasury operations, Cantor says.