TDCowen raises Strategy price target to $395

According to TheBlock, TDCowen analysts raised their Strategy (MSTR) price target to $395 from $385, an implied increase of more than 110% from the current stock price.<br /> Analysts believe that Strategy's strategy of increasing the use of STRC (variable rate permanent preferred stock) issuance to fund Bitcoin acquisitions has significantly improved capital efficiency and is more attractive than current market pricing. The company has raised more than US$2 billion through STRC in the first quarter of 2026, with a cumulative total of more than US$5 billion throughout the year.<br /> TDCowen also refuted market concerns about "permanent dilution", emphasizing that STRC's annual dividend burden only accounts for about 2.2% of the value of its Bitcoin holdings, which can be covered by moderate Bitcoin appreciation.