According to TechFlow, on June 30, investment bank TD Cowen lowered MicroStrategy's price target from $400 to $260, maintaining its "Buy" rating. The report pointed out that the downgrade was mainly due to its weakening Bitcoin price expectations, rather than MicroStrategy's newly announced digital credit capital framework.
TD Cowen currently expects Bitcoin to reach approximately $100,000 by the end of 2026, lower than the previous forecast of about $140,000; the expectation for the end of 2027 is approximately $135,000, also lower than the previous $190,000. Meanwhile, MicroStrategy has restored its USD reserves to $2.55 billion and launched a reserve policy approved by the board of directors, a Bitcoin monetization mechanism, and a preferred and common stock repurchase authorization totaling up to $2 billion. TD Cowen believes that this framework holds some positive significance in enhancing credit visibility and capital flexibility.
