StoneX Senior Equity Research Analyst Mark Palmer has cut his MSTR price target to $435. Strategy spent six times more on Stretch (STRC) buybacks—$176 million—than on Bitcoin purchases—$29 million. The $4.9 billion USD reserve is pushing Stretch preferred shares back toward par. Palmer explains why Strategy won’t raise the Stretch dividend rate, and notes where Bitcoin treasury balance sheet stress first appears.
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