Clear Street analyst Brian Dobson reiterated a Buy rating on Strategy and raised his price target from $201 to $211, days before the company reports earnings on October 29, 2026. The firm believes Strategy, formerly known as MicroStrategy, has strengthened its balance sheet by repurchasing preferred shares and increasing its US dollar reserves, reducing the dividend obligations associated with the preferred stock. The trading of STRC, one of Strategy’s preferred share classes, close to its $100 par value could facilitate renewed preferred stock issuance and reduce reliance on common stock, a source of dilution. Strategy also purchased 267 BTC and acquired Bitcoin for a fifth consecutive week, while MSTR shares rose 5% to 7% intraday, trading between $144 and $146. Investors will seek details on the number of preferred shares repurchased, the size of the dollar reserves and the potential return to preferred issuance, although a sharp decline in Bitcoin or index rebalancing could undermine the strategy.
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