TD Cowen cuts target price for UK-listed BTC treasury firm Smarter Web, keeps Buy

TD Cowen cut its target price on Smarter Web Company (SWC), a London Stock Exchange-listed company pursuing a strategic Bitcoin accumulation plan, to 0.64 pound from 1 pound, The Block reported. It maintained its Buy rating. The revision reflected changes to its BTC price outlook, recent treasury activity, possible share-price dilution from future stock issuance, and an increase in second-quarter BTC holdings. Smarter Web’s BTC holdings rose to 2,878 from 2,699 in the second quarter, while the stock closed up 2% at 0.29 pound on July 17, according to The Block.