Mizuho reaffirms its $165 price target on MicroStrategy (MSTR), citing 27% upside potential.

Mizuho maintained its “Outperform” rating for Strategy following the company’s Q3 2026 earnings call on November 2 and kept its $165 price target—approximately 27% above the current share price of $130. Analyst Dan Dolev highlighted a marked improvement in Strategy’s balance sheet: BTC holdings now stand at 848,517 coins; net leverage has dropped sharply from 8.4% to 2.4%; and its $5.1 billion in assets fully cover dividend and interest payments for the next 3.4 years. However, the company’s “BTC per share” metric has declined by 3.7% year-to-date (YTD), raising market concerns about potential equity dilution risk.