Canaccord raises Strategy price target to $175, maintains Buy rating

Canaccord Genuity has bumped its 12-month price target for Strategy, the company formerly known as MicroStrategy, to $175 per share. The firm is keeping its Buy rating intact.

A year of whiplash

In February 2026, Canaccord slashed its target from $474 all the way down to $185 as Bitcoin prices cratered toward $60,000. That is a 61% haircut on a price target in a single revision.

By May, Bitcoin had surged past $80,000, and Canaccord obliged with a bump to $224. Then came the latest June revision, which actually brought the target down to $163 before this newest increase to $175.

If you’re keeping score at home: $474, $185, $224, $163, $175. Five data points in roughly five months, each one a direct reflection of wherever Bitcoin happened to be trading that week. The Buy rating, meanwhile, has remained unmoved through all of it.

Strategy’s identity as a Bitcoin treasury company

Strategy rebranded from MicroStrategy to signal exactly what it has become: a company whose primary purpose is accumulating and holding Bitcoin. It now holds hundreds of thousands of Bitcoin, making it the world’s largest corporate Bitcoin holder by a wide margin.

Rather than simply issuing common stock, the company has deployed preferred equity instruments, including STRC preferred shares. The logic is straightforward: raise capital through preferred shares, buy more Bitcoin, and grow the amount of Bitcoin attributable to each common share. Canaccord’s analysts have specifically highlighted this strategy of minimizing common-share dilution as a positive for existing equity holders, particularly during periods when Bitcoin’s price is under pressure.

Preferred shares come with fixed obligations, and if Bitcoin enters a prolonged downturn, those obligations don’t shrink alongside the value of the treasury.

Where Canaccord sits among peers

A $175 price target might sound like a vote of confidence until you compare it to what other firms are saying. TD Cowen has a price target of $395 on Strategy. Benchmark has gone even further, setting its target at $570.

That’s a spread of nearly $400 between the most bearish and most bullish analyst targets. Canaccord’s $175 sits at the conservative end of that spectrum. The $570 target from Benchmark essentially requires Bitcoin to push significantly higher from its May highs above $80,000.

What investors should watch

For investors considering Strategy, the company’s evolving capital structure adds a layer of complexity. The use of STRC preferred shares is designed to be accretive to common shareholders in bull markets, increasing Bitcoin-per-share metrics without proportional dilution. In bear markets, however, the fixed obligations of preferred equity could amplify downside pressure on the common stock.

The wide dispersion of analyst price targets, from $175 to $570, signals that the market hasn’t reached consensus on how to value a company like this. Traditional valuation frameworks don’t map cleanly onto what is essentially a publicly traded Bitcoin fund with software-business roots.

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