Texas Capital Securities analyst Randy Binder raised the price target on Strategy (NASDAQ: MSTR) to $225.00 (from $200.00) while maintaining a Buy rating.

The analyst comments "Ahead of Strategy (MSTR) 1Q26 earnings, which will be released after market close on May 5, we are updating our net flows based valuation framework. We reiterate our Buy rating and are raising our price target to $225, from $200 per share. Our analysis incorporates the most recent weekly data update provided by the company, and we have increased assumed mNAV to 1.25x, from 1.19x previously. Our analysis continues to assume 10%-12% annual average BTC appreciation, and we are increasing 2026E capital issuance to $20B from $17B, considering $11B has been raised YTD. These updates result in a mid-2027 price target of $225, implying 42% upside from the current MSTR price. The quality and innovation of management, diversity of digital credit offerings, execution around BTC per share, and Mosaic pivot in the software business all argue for franchise value over 1.25x NAV in our opinion, which could set up further potential price target upside. Market expectations for passage of the CLARITY Act have slipped in recent days due to shifting Republican priorities and increased expectations of Democratic majorities returning in November. The Act would be positive in establishing rules of the road for crypto vis-à-vis the banks, SEC, and CFTC. We believe there is still time for the CLARITY Act to pass, and would note that the risk/reward around this issue is now more balanced, post this recent sell-off."