Strategy Inc (NASDAQ:MSTR) shares are climbing Tuesday. Clear Street lifted its price target ahead of the company’s Oct. 29 earnings report. Here’s what you should know.
- Strategy stock is surging to new heights today. What’s behind MSTR gains?
Clear Street Raises Strategy Price Target
Clear Street analyst Brian Dobson is staying bullish on Strategy, with a Buy rating and a higher $211 price target, up from $201. The call comes ahead of the company’s Oct. 29 earnings report.
Strategy spent most of the third quarter reinforcing its balance sheet, Dobson said. The money came from new common shares. Proceeds went to buying back STRC preferred stock and boosting cash held in dollars.
Repurchasing STRC cut the company’s preferred dividend bill, Dobson noted. Common shareholders paid for that benefit, though. Strategy sold new shares at a faster clip than it bought Bitcoin (CRYPTO:BTC) during the quarter, which diluted existing owners.
Dobson sees a path forward. STRC is trading close to its par value, and Dobson believes that gives Strategy room to issue preferred stock again. Renewed preferred sales could help the company grow its Bitcoin holdings per share once more, the analyst said.
MSTR Shares Are Jumping
MSTR Price Action: Strategy shares were up 5.96% at $144.13 at the time of publication on Tuesday, according to Benzinga Pro.
Strategy crossed above its 50-day moving average of $136.59 on Tuesday, and its 50-day average moved above the 200-day, a "golden cross" that can be viewed as a longer-term trend positive.
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