Citi raises Strategy target to $240, lifts 12-month BTC forecast

Citi raised its target price on Strategy (MSTR) to $240 from $136 and maintained a Buy rating after increasing its 12-month Bitcoin price forecast by 39% to $113,400, Walter Bloomberg reported. Citi estimated about 34 percentage points of the target-price increase would come from Bitcoin’s price gains, while an additional 16 percentage points would be driven by an expansion in mNAV, or market value relative to net asset value. Citi also raised its Bitcoin Yield Multiple for Strategy to 4.0x from 2.5x and, based on that change, assumed an mNAV of 1.24x.