Gate News update: On April 10, according to The Block, the investment firm TD Cowen cut Strategy (MSTR)’s price target by 20.5% from $440 to $350, while maintaining a Buy rating. Analysts Lance Vitanza and Jonathan Navarrete attributed this adjustment to a lowered outlook for the price of Bitcoin and a reduction in the company’s valuation multiple for its Bitcoin earnings. The two lowered their Strategy fiscal 2026 BTC earnings forecast to $7.87 billion, down from $10.17 billion in 2025, but they still believe the company’s core investment logic is to convert market demand for volatility into Bitcoin in the form of efficient leverage. TD Cowen’s baseline scenario assumes Bitcoin reaches $140,000 in December 2026, with the company buying about $5 billion worth of Bitcoin each quarter; in the bullish scenario, Bitcoin rises to $175,000 and the buyback scale exceeds more than $5 billion per quarter; in the bearish scenario, Bitcoin falls to $25,000, and because the market environment or financing channels are impeded, the company would pause additional purchases. In addition, TD Cowen covers four digital asset treasury companies, all of which received Buy ratings: Sharplink (SBET) with a $16 price target, Strive (ASST) with a $26 price target, Nakamoto Holdings (NAKA) with a $1 price target, and The Smarter Web Company (SWC.LN) with a 1 pound sterling price target (about $1.34).
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