TD Cowen has reduced its price target for Strategy from $400 to $260, while maintaining a "Buy" rating, citing lowered expectations for Bitcoin's price. The investment bank now anticipates Bitcoin reaching $100,000 by the end of 2026 and $135,000 by the end of 2027, down from previous forecasts of $140,000 and $190,000, respectively. Despite the lowered target, Strategy's new price target still suggests a potential upside of over 200% from its recent closing price of $92.68. The adjustment comes as Strategy introduces its Digital Credit Capital Framework, which includes a board-approved dollar reserve policy, a 12% dividend on STRC preferred stock, and authorization for $1 billion in both preferred and common stock buybacks. Additionally, the framework outlines a Bitcoin monetization plan capped at $1.25 billion, aimed at enhancing capital flexibility and cash flow visibility. Strategy's dollar reserves have been rebuilt to $2.55 billion, supporting these strategic initiatives.