Mizuho maintained its Outperform rating and $165 price target on Strategy after the company’s fiscal 2026 third-quarter earnings call. Based on the current share price of $130, that target implies nearly 27% upside. Analyst Dan Dolev said Strategy holds 848,500 BTC, while its net leverage ratio has fallen from 8.4% to 2.4%. He also said the company’s $5.1 billion cash position is enough to cover 3.4 years of dividend and interest payments. Separately, Dolev noted that Strategy’s bitcoin holdings per share have declined 3.7% so far this year. The note kept focus on the company’s balance-sheet profile and bitcoin exposure following the earnings call, without changing Mizuho’s rating or target price.
Mizuho maintained its Outperform rating on Strategy and kept its $165 price target after the company’s fiscal 2026 third-quarter earnings call. With the stock at $130, the target implies nearly 27% upside.
Analyst Dan Dolev said Strategy holds 848,500 BTC. He also said the company’s net leverage ratio has dropped from 8.4% to 2.4%.
Dolev added that Strategy has $5.1 billion in cash, enough to cover 3.4 years of dividend and interest expenses. He also said the company’s bitcoin holdings per share are down 3.7% so far this year.
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