Cantor Fitzgerald reiterated its bullish stance on Strategy, a company heavily exposed to Bitcoin, by maintaining a buy rating and a $208 price target. The firm’s note, dated November 9, 2026, cites an Overweight rating and suggests the target represents roughly a 61% upside from recent trading levels.
Valuation methodology
Cantor uses a sum‑of‑parts approach. The software segment is valued at twice its projected 2027 sales of $509 million. The Bitcoin holdings, reported at approximately 848,000 BTC as of mid‑October 2026, are priced using a 12‑month forward assumption of $112,000 per coin, up from a prior $98,000 estimate. Combining these components yields an enterprise value estimate of about $110 billion, supporting the $208 share target.
Analyst consensus
Other analysts also hold positive views. Average price targets from the broader consensus range between $244 and $333. BTIG maintained a buy rating with a $250 target on October 30, while B. Riley kept a buy rating but lowered its target to $180 on November 3.
Recent performance
Strategy reported earnings per share that exceeded expectations, although revenue fell short of forecasts. The company continues to accumulate Bitcoin while managing its capital structure, including activity in preferred stock.
Key considerations for investors
The valuation is highly sensitive to the Bitcoin price assumption. Small adjustments to the $112,000 per BTC estimate can cause significant changes in the implied share price, reflecting the large size of the Bitcoin holdings relative to the company's overall value.
