TD Cowen has reduced its price target for MicroStrategy (MSTR) from $440 to $350, a 20.5% decrease, while maintaining a Buy rating. Analysts Lance Vitanza and Jonathan Navarrete cited a downward revision in Bitcoin price expectations and a reduced valuation multiple for the company's Bitcoin holdings as reasons for the adjustment. They forecast MicroStrategy's FY2026 "BTC earnings" at $7.87 billion, down from $10.17 billion in 2025, but remain confident in the company's strategy of leveraging market demand for Bitcoin. TD Cowen's base case projects Bitcoin reaching $140,000 by December 2026, with MicroStrategy adding $5 billion in Bitcoin quarterly. In a bullish scenario, Bitcoin could rise to $175,000, while a bearish outlook sees it falling to $25,000, potentially halting purchases. Additionally, TD Cowen maintains Buy ratings for four digital asset treasury companies: Sharplink, Strive, Nakamoto Holdings, and The Smarter Web Company, with respective price targets of $16, $26, $1, and £1.