TD Cowen sees 90% upside for Smarter Web as preferred share plan advances

TD Cowen has raised its price target for The Smarter Web Company to £0.73 ($0.99) from £0.64 ($0.87) while keeping its Buy rating after the Bitcoin treasury firm proposed a new perpetual preferred-share offering. Summary TD Cowen raised its Smarter Web price target to £0.73 from £0.64 and retained its Buy rating, implying roughly 90% upside from Monday’s share price. The analysts said the proposed MORE perpetual preferred shares could give the Bitcoin treasury company another source of long term capital. Smarter Web reported an approximately 11.5% Bitcoin Yield for the year through Sept. 2 despite selling nearly 178 BTC to repay its TOBAM convertible financing. TD Cowen expects Bitcoin to reach roughly $100,000 by December in its base case, with upside and downside scenarios of $175,000 and $25,000, respectively. TD Cowen analysts led by Lance Vitanza said in a Monday note to clients that the planned MORE preferred shares could provide another source of long-term capital and expand the financing options available to the London-listed company. Smarter Web shares traded at £0.385 ($0.52) on Monday, up 1.32% from Friday’s £0.38 ($0.51) close, based on London Stock Exchange data. The r...