11:00 AM EDT, 08/04/2025 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We cut our 12-month target price by $55 to $415, assuming a 30% BTC Yield in 2025 (652K BTC by year end), a $110K BTC target price, and MSTR maintaining a 1.75mNAV (BTC/EV premium). We feel traditional valuation multiples are irrelevant and focus on capital raising efforts, mNAV, and BTC forecasts to determine our price target. Management announced a surprising change for future capital raising efforts - MSTR will not issue common equity if its mNAV multiple is below 2.5x (vs. 1.7x today), instead focusing on raising preferred capital. We are surprised the bar was set at 2.5x since MSTR has traded at 1.9x on average the past two years, but we note that this likely lowers its cost of capital, especially if common equity is as undervalued as management claims. STRC short-term preferred shares yielding 9% will be the primary capital raising security in 2H 2025 and we lower our capital raising estimates for FY 25. We see a declining BTC market and escalating preferred dividend obligations as MSTR's largest risk.