Cantor Fitzgerald Cuts MSTR Price Target on Conservative Bitcoin Outlook

Cantor Fitzgerald has revised its price target for Strategy (NASDAQ:MSTR) to $186 from $212, citing a more conservative outlook on Bitcoin. The firm now expects Bitcoin to reach approximately $98,000 over the next 12 months, down from its prior forecast of $111,000.

The reduced target is based on a sum-of-the-parts valuation that applies 2x enterprise value to sales on Strategy's calendar year 2027 estimated sales of approximately $509 million, combined with the firm's Bitcoin price forecast applied to Strategy's holdings of approximately 844,000 Bitcoin. This results in a total enterprise value of approximately $97 billion.

Strategy plans to tap its common equity at-the-market offering or sell Bitcoin to build up its U.S. dollar reserve once it returns to par. The company aims to restart credit issuance and use proceeds to accumulate more Bitcoin, which should support common share prices into the next cycle.