TD Cowen has reaffirmed its buy rating on Michael Saylor's Strategy, despite the Bitcoin premium approaching 'crypto winter' lows from 2021-2022. The firm's report highlights a significant decline in the premium, now nearing early 2022 levels. However, TD Cowen remains optimistic, setting a $535 price target for MSTR, which is nearly 200% above its current $180 stock price. The report projects that by the end of fiscal 2027, Strategy's Bitcoin holdings could surpass 815,000 BTC, valued at over $185 billion, suggesting an intrinsic value of approximately $540 per share. TD Cowen also notes the potential risk of Strategy's removal from the MSCI index, which may be impacting the stock's performance.