TD Cowen raised its Strategy price target to $395 from $385, arguing the company’s accelerating STRC preferred issuance makes its bitcoin accumulation more capital-efficient than the market currently prices in.The note lands shortly after Saylor suggested Strategy may sell a portion of its bitcoin holdings to fund STRC dividends — a concern TD Cowen calls overstated, with annual preferred obligations representing roughly 2.2% of the firm’s bitcoin holdings.