TD Cowen Lowers Strategy Target Price to $350 and Assigns Buy Ratings to Four Crypto Treasury Companies Including Sharplink

BlockBeats News, April 10, according to The Block, TD Cowen has lowered the target price for Strategy (MSTR) from $440 to $350, a 20.5% reduction, while maintaining a buy rating. Analysts Lance Vitanza and Jonathan Navarrete attributed this adjustment to a "downward revision of Bitcoin price expectations" and a reduction in the valuation multiple for the company's Bitcoin earnings. The two analysts have revised Strategy's FY2026 "BTC earnings" forecast down to $7.87 billion, compared to $10.17 billion in FY2025, but still believe the company's core investment logic lies in converting market demand for volatility into Bitcoin through "effective leverage." TD Cowen's baseline scenario assumes Bitcoin will reach $140,000 by December 2026, with the company acquiring approximately $5 billion worth of Bitcoin each quarter. In the optimistic scenario, Bitcoin rises to $175,000, with acquisition exceeding $5 billion per quarter. In the pessimistic scenario, Bitcoin falls to $25,000 due to adverse market conditions or financing constraints, leading the company to suspend acquisitions. Additionally, TD Cowen has initiated coverage on four digital asset treasury companies, assigning buy ratings to all: Sharplink (SBET), Strive (ASST), Nakamoto Holdings (NAKA), and The Smarter Web Company (SWC.LN). Target prices are as follows: Sharplink at $16, Strive at $26, Nakamoto Holdings at $1, and The Smarter Web Company at £1 (approximately $1.34).