Strategy Is Down More Than 50% in 12 Months. One Analyst Thinks the Stock Is About to Triple

One analyst has a price target on Strategy that would require the stock to do something most investors would consider almost impossible right now, and his reasoning is harder to dismiss than it sounds.

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Strategy currently trades at $142.80 while the average Wall Street price target sits at $225.93. That gap works out to roughly 58% of implied upside, and one bull is aiming much higher.

Strategy (NASDAQ:MSTR | MSTR Price Prediction) is the former MicroStrategy, an enterprise analytics software company that reinvented itself as the world’s largest corporate bitcoin holder. It now sits on 846,000 BTC, and its stock effectively trades as a leveraged proxy on the coin.

The gap between where MSTR trades and where analysts think it belongs matters because most of that spread traces back to a violent 12-month reset in Bitcoin (CRYPTO:BTC) rather than any change in the underlying software business.

Bitcoin’s Reversal Set Off a 56% Drawdown

The stock has fallen 56.41% over the past 12 months, a decline that dwarfs both the S&P 500’s 18.65% gain and bitcoin’s own 27.78% slide over the same window. Strategy is essentially a levered bet on BTC, and when the coin fell to roughly $80,000, mark-to-market accounting did the rest.