11:10 AM EST, 11/03/2025 (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 lower our 12-month target price by $90 to $325, assuming a 30% BTC Yield in 2025 (654K BTC by year-end), a $120K BTC target price, and MSTR maintaining a 1.4x mNAV (BTC/EV premium). We feel traditional valuation multiples are irrelevant and focus on capital-raising efforts and mNAV estimates to determine our price target. We have lowered our target mNAV multiple for two straight quarters as MSTR's Bitcoin premium continues to decline. In the long term, we see this premium falling to the 1.1x-1.25x range. MSTR received very favorable IRS guidance, excluding unrealized BTC gains from the taxable income calculation (lowering taxable income by $12B YTD). MSTR preferred equity was given a junk rating during Q3, with management hoping ratings improvements in future years will open access to larger institutional pools of debt capital. We estimate MSTR will raise less capital in 2026 ($20B YTD through Q3) unless BTC moves significantly higher (>30%).