TD Cowen raised its price target for Bitcoin treasury company Smarter Web to £0.73 from £0.64 and maintained a buy rating, citing the company’s planned perpetual preferred share issuance as an expansion of its capital markets toolkit. Smarter Web traded at £0.385 on Monday, implying about 90% upside to TD Cowen’s new target. Analysts said the proposed MORE preferred stock would provide another long-term capital source and signal growing maturity in the Bitcoin treasury ecosystem. The preferred shares are expected to pay cumulative variable weekly dividends and include liquidation preference and redemption rights, but no voting rights. The issuance still requires shareholder and UK FCA approval. Smarter Web said its year-to-date BTC yield was about 11.5% as of Sept. 2. TD Cowen expects Bitcoin to reach about $100,000 in December, with bull and bear scenarios of $175,000 and $25,000.