Analyst revamps Saylor's Strategy price target ahead of earnings report

Cantor Fitzgerald has raised its price target on Michael Saylor's Strategy (Nasdaq: MSTR).

The move, published on April 21, comes ahead of the company's first-quarter 2026 earnings report scheduled for May 5. 

Related: Bernstein sees MicroStrategy holding millions in Bitcoin by 2033

Saylor loads up on Bitcoin 

Strategy shares surged more than 10% during market hours on April 22, powered by Bitcoin's continued rally and the company's latest acquisition. 

Just two days ago, on April 20, the firm bought an additional 34,164 Bitcoin for approximately $2.54 billion at an average price of $74,395 per token. The buy brings Strategy's total Bitcoin holdings to 815,061 BTC, acquired for a cumulative $61.56 billion. 

At press time, Bitcoin (BTC) was trading at $78,903, up 4.4% in the past 24 hours, while MSTR was trading at $176.87, up 7.86%. 

The stock is now up over 28% in the last month alone, closely tracking Bitcoin's 13% monthly rally.

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Unrealized losses loom large as Q1 earnings approach

Despite the bullish price action, one of Strategy's latest 8-K filings revealed a more complicated picture under the hood. 

The company reported $14.46 billion in unrealized losses on digital assets and a $2.42 billion deferred tax benefit for the three months ended March 31, 2026. 

These figures will be front and center when Strategy reports its full first quarter results after market close on May 5. 

Cantor Fitzgerald analyst Ramsey El-Assal raised Strategy price target from $192 to $212. This is 10.4% increase.

El-Assal also maintained his Overweight rating on the stock. 

The analyst is not rattled by the broader macro uncertainty that has dampened the sentiment across markets. In his view, consumer spending remains relatively stable. 

He also argues that thematic headwinds facing the sector are "overstated."

With MSTR trading around $177 at press time, his new $212 target implies roughly 19.7% additional upside from current levels. 

El-Assal points to two key catalysts on the horizon, namely Middle East ceasefire developments and forward guidance from management. 

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