Clear Street reiterates buy rating on Strategy, lifts price target to $211

Clear Street is sticking with its call on Strategy. Analyst Brian Dobson reaffirmed a Buy rating on the company and raised his price target to $211, up from $201. The timing is deliberate. The note lands days before Strategy reports earnings on October 29, 2026, and it argues the Bitcoin treasury company has spent recent months repairing its balance sheet. What Clear Street is seeing The core of Dobson’s thesis is financial housekeeping. Strategy, the Nasdaq-listed firm formerly known as MicroStrategy and trading under the ticker MSTR, used proceeds from a recent common stock sale for two jobs. First, it repurchased some of its preferred shares. Second, it added to its US dollar reserves. That combination matters because preferred stock carries dividend obligations. Every preferred share Strategy buys back is one less share it owes a payout on, which trims a recurring cost the company must cover regardless of what Bitcoin does. Clear Street also flagged the trading level of STRC, one of Strategy’s preferred share classes. STRC is currently trading close to its $100 par value. According to the report, that positions Strategy to potentially resume preferred stock issuance. The goal w...