TD Cowen raised the firm’s price target on Strategy (MSTR) to $680 from $590 and keeps a Buy rating on the shares. The firm believes the company will continue to invest capital flows into bitcoin. No other company will likely be able to match let alone beat Strategy’s cost of capital advantage, the analyst tells investors in a research note. TD says Strategy’s “broad” securities offerings drive a competitive advantage. Its new price target represents a 10-times multiple of estimated 2025 bitcoin price gains.
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