Canaccord Genuity has raised its price target on Strategy Inc. (NASDAQ: MSTR) to $175 from $130, citing improved balance sheet strength and available dry powder for potential Bitcoin acquisitions.
The firm’s upgrade follows a 32.5% weekly surge in Strategy’s shares, which were trading at $122.63 at the time of the announcement. Canaccord’s new target reflects a 43% premium to the current market price and assumes approximately 20% appreciation in Bitcoin over the next twelve months.
Analyst Joe Vafi noted that the past few months have tested Strategy’s treasury model, but the company’s common and preferred shares are now more resilient. The firm’s current ratio stands at 5.39, indicating robust liquidity beyond dividend obligations, while its preferred equity (STRC) has recovered nearly to par value. Strategy also maintains a $1.59 billion USD cash pool earmarked for Bitcoin purchases and treasury operations under its Digital Credit Capital Framework.
The unrealized fair value loss on Strategy’s Bitcoin holdings remains significant at $8.32 billion, though Canaccord expects the company’s net asset value multiple (mNAV) to retrace toward 1.2x as its Bitcoin acquisition engine resumes activity.
Other analysts have taken a more conservative stance. Cantor Fitzgerald lowered its target to $186 from $212, citing a Bitcoin price assumption of $98,000 over the next year, while B.Riley reduced its target to $155 from $215 based on a $65,000 Bitcoin price forecast. H.C. Wainwright reiterated its $325 target following Strategy’s second-quarter fiscal 2026 results, and Benchmark cut its target to $435 from $570.
Strategy’s shares remain down 64% over the past year despite the recent rally, reflecting broader volatility in crypto-linked equities. The US Treasury’s efforts to flatten the long end of the yield curve have contributed to supportive conditions for spot crypto prices in recent weeks.
