According to the source, investment bank TD Cowen lowered its 12-month price target for MicroStrategy (MSTR) to $440 from $500, citing Bitcoin (BTC) price weakness. According to the source, this is the second target reduction since December.

According to the source, TD Cowen lowered its price target for a Bitcoin-exposed company, citing a softer Bitcoin yield outlook as the driver for the revision. The source reports the reduction reflects diminished expectations for Bitcoin yield, a key input for valuation sensitivity to BTC-linked equities.

According to the source, TD Cowen said the firm's Bitcoin-buying engine remains intact despite market volatility, source: TD Cowen. TD Cowen characterized the mechanism as continuing to operate as designed, source: TD Cowen.

According to @CoinMarketCap, investment bank TD Cowen forecasts a 6,720 BTC addition to the company’s treasury following a €620M euro-denominated preferred stock offering and maintains a $141,277 base-case year-end target for BTC; source: CoinMarketCap citing TD Cowen (Nov 12, 2025). For trading, the bank’s forecast highlights two potential catalysts to monitor into year-end: a 6,720 BTC treasury purchase funded by the euro-denominated preferred issuance and the $141,277 BTC base-case target; source: CoinMarketCap citing TD Cowen (Nov 12, 2025).