Citi Doubles Down on Strategy Price Target Amid Soaring Bitcoin

Citi analyst Peter Christiansen raised his price target on Strategy to $240 from $136 while keeping a Buy rating, citing a revised 12-month Bitcoin forecast of roughly $113,400, up 39%, as the main driver.

The new target assumes about 34% of the upside comes from that higher Bitcoin price, with the remaining 16% tied to an expected expansion in Strategy's market-to-net-asset-value multiple, raised to 1.24 from 1.065 after Christiansen lifted his Bitcoin Yield Multiple assumption from 2.5x to 4.0x.

Strategy shares turned lower as the session progressed, erasing earlier gains, despite the bullish Citi note and the supportive macro backdrop.