Mizuho reiterates $165 price target on Strategy (MSTR), sees 27% upside potential

BlockBeats news, November 2 — After Strategy held its Q3 2026 earnings conference call, Mizuho maintained its "Outperform" rating and $165 price target, implying nearly 27% upside from the current price of $130.

Analyst Dan Dolev highlighted a stronger balance sheet: the company holds 848,517 BTC, its net leverage ratio dropped from 8.4% to 2.4%, and its $5.1 billion in USD assets are sufficient to cover 3.4 years of dividend and interest expenses.

However, year-to-date (YTD), the company's "BTC per share" has declined 3.7%, raising market concerns about equity dilution.