Canaccord slashes price target as stock tumbles to multi-year low
With crypto winter clearly having set in, bulls are now left looking for signs that the bearishness has become so embedded that a bottom might form.
One case in point might be a note from Canaccord’s Joseph Vafi on Wednesday, slashing his price target on Strategy (MSTR) by a whopping 61% to $185 from $474.
Vafi, who lifted his outlook on Strategy as recently as November (to that $474 level), still maintains a buy rating on the stock, and his new $185 target suggests about 40% upside from last night’s close of $133.
Strategy is now down 15% year-to-date, 62% year-over-year, and 72% from its record high in November 2024.
Bitcoin, said Vafi, is in the midst of an “identity crisis,” still fitting the profile of a long-term store of value…
