StoneX Analyst Mark Palmer Cuts Strategy Price Target to $435

StoneX senior equity research analyst Mark Palmer discussed a $435 price target for Strategy shares in an interview published Oct. 6, alongside the company’s preferred-stock buybacks and cash reserve.

Strategy spent $176 million buying back its Stretch preferred stock, known by the ticker STRC, compared with $29 million on Bitcoin (BTC). The buyback spending was six times the Bitcoin purchases.

The discussion also covered Strategy’s $4.9 billion USD Reserve and how the cash reserve relates to STRC trading near its $100 par value. Palmer addressed why the company has not raised STRC’s dividend rate and how daily dividends can affect trading around ex-dividend dates.

The interview also examined where balance-sheet pressure could first appear for Bitcoin treasury companies, and compared perpetual preferred stock with convertible notes. It included discussion of Strive’s financing approach and Metaplanet’s U.S. expansion.

The $435 MSTR price target was the subject of a separate segment near the end of the interview.