Strategy (MSTR) shares fell about 10% on Friday to $151.29, but the bitcoin-holding software company drew fresh support on Wall Street after Cantor Fitzgerald raised its price target and the firm conditionally declared daily November dividends on its STRC preferred stock.

Cantor Fitzgerald Lifts Target on Higher Bitcoin Forecast

Cantor Fitzgerald raised its price objective on Strategy to $208 from $186 while keeping an Overweight rating — a level well above the current share price. The broker updated its model to reflect Strategy's latest bitcoin holdings and dollar reserves, and its calculations incorporate a $20.91 billion gain on digital assets and a $1.88 billion deferred tax expense.

The target uses a sum-of-the-parts valuation, an approach that values a company's operating business and its asset holdings separately before combining them into a single enterprise figure. Cantor applies 2x enterprise value-to-sales to estimated 2027 sales of $509 million and adds a 12-month forward bitcoin price of $112,000 on 848,000 bitcoin, up from the $98,000 assumption it previously used. Together, those inputs put enterprise value at $110 billion, up from $97 billion. The firm said it has a more bullish view on bitcoin the digital asset's recent market strength.

Other Analysts Also Turn More Positive

Cantor is not alone in adjusting its outlook. Citi raised its price target to $240 from $136, citing a higher bitcoin forecast and growth in Strategy's net asset value. StoneX reiterated its Buy rating with a $435 price target, which stands at the high end of the analyst range. Bernstein remains upbeat on some digital asset stocks despite the failure of the CLARITY Act, expecting clarity to emerge from the CFTC and SEC and favoring tokenization-related names.

The revisions underline how closely analyst targets on Strategy track each firm's bitcoin assumptions, with both Cantor and Citi citing higher forecasts as key drivers. Cantor's research note also said fintech and digital asset firms have called their Q3 expectations well, pointing to resilient consumer spending despite macroeconomic uncertainty. InvestingPro data shows MSTR carries a beta of 3.57, meaning the stock tends to swing harder than bitcoin itself.

Strategy Conditionally Declares Daily STRC Dividends for November

In a separate development, Strategy conditionally declared daily dividends on its STRC preferred stock for November. The payouts require shareholder approval and related amendments before they can take effect, which makes the shareholder vote the next checkpoint for the daily payout plan. According to an 8-K filing, the board declared cash dividends for each calendar day from Nov. 1 to Nov. 30, with payments starting Nov. 2. Each dividend is payable on the business day after its record date.

The annualized rate stays at 12%, and management will keep recommending that level until STRC shows "sustained, healthy trading near $100 per share." STRC is one of Strategy's main vehicles for funding bitcoin purchases, and daily payouts could help the shares trade closer to their $100 par value. During the week ending Oct. 4, Strategy bought back $176 million of STRC — more than six times the $28 million it spent on bitcoin.

Last week, Strategy added 250 bitcoin for $21.5 million, lifting its total holdings to 848,250 BTC. STRC was down 0.2% on Friday at $99.32 as of 1:36 p.m. UTC.