Cantor Reaffirms Strategy Rating and Keeps Its $208 Price Target

Cantor Fitzgerald reaffirmed its Overweight rating on Strategy and held its $208 price target in a Nov. 9 analyst note, leaving its October valuation view intact.

The target remains at the level Cantor set Oct. 16, when it raised the figure from $186. The firm’s earlier Strategy valuation also covered the $208 target and the assumptions behind its model.

Cantor’s valuation framework considers Strategy’s software business alongside its Bitcoin holdings. It used an estimate of about 848,000 BTC held by the company as of mid-October and a $112,000 Bitcoin price assumption for the next 12 months, compared with $98,000 previously.

For the software business, Cantor applied a multiple of two times projected 2027 sales of $509 million. The combined model produced an estimated enterprise value of $110 billion for Strategy.