Mizuho maintains its “Outperform” rating on Strategy and a 165 USD price target, but the decline in bitcoin holdings per share has raised dilution concerns.
Article
Mizuho reiterates its price target for Strategy (MSTR）165 USD) and sees 27%potential upside
BlockBeats reported that November 2, after Strategy held its 2026 third-quarter earnings call, Mizuho maintained its “Outperform” rating and 165 USD price target, which is nearly 130 USD above the current price (27%).
Analyst Dan Dolev highlighted the stronger performance of its balance sheet: the company holds 848,517 BTC; net leverage fell from 8.4%to 2.4%, and its 5100000000 USD USD assets are sufficient to cover 3.4 years of dividend and interest expenses.
However, since the beginning of this year (YTD), the company’s “bitcoin holdings per share” have declined by 3.7%, raising market concerns about equity dilution.
Original link https://m.theblockbeats.info/flash/375042
Key points
01
BlockBeats reported that, after Strategy held its 2026 third-quarter earnings call, Mizuho maintained its “Outperform” rating and 165 USD price target.
02
The reported current price is 130 USD, and the 165 USD price target implies nearly 27%potential upside.
03
Analyst Dan Dolev said that Strategy holds 848,517 BTC; net leverage fell from 8.4%to 2.4%。
04
Dan Dolev said that Strategy holds 5100000000 USD USD assets, sufficient to cover 3.4 years of dividend and interest expenses.
05
The report stated that Strategy’s bitcoin holdings per share have declined by 3.7%since the beginning of this year, raising market concerns about dilution.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
Mizuho maintains a relatively positive view of Strategy stock. The reasons include the company’s declining net leverage and its USD assets, which can cover dividend and interest expenses for multiple years. However, the reduction in bitcoin holdings per share means that investors are concerned that factors such as the issuance of additional shares may weaken the bitcoin exposure represented by each share.
Why it matters to readers
The price target and rating may influence market expectations for MSTR, while leverage, cash coverage capacity, and bitcoin holdings per share directly affect how investors assess the company’s financial risk and equity dilution pressure.
Beginners should distinguish between an “analyst price target” and the actual share price: 165 USD is merely Mizuho’s maintained view and does not guarantee that the share price will rise. They should also consider both the positive signal from the company’s deleveraging and the risk posed by declining bitcoin holdings per share.
Risks and unknowns
The evidence is a retelling by BlockBeats; Mizuho’s original research report was not provided, so the rating, price target, and financial data still lack verification against the original materials.
The evidence does not explain the specific reason for the decline in bitcoin holdings per share of 3.7%, so the source or extent of the equity dilution cannot be confirmed.
165 USD The price target and nearly 27%potential upside are analyst views and do not represent a guaranteed return.
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