Cantor Fitzgerald reiterates buy rating on Strategy with $208 target

Cantor Fitzgerald is sticking with its bullish call on Strategy. The firm reiterated its buy rating on the Bitcoin-heavy company and kept a $208 price target in place.

Analyst Ramsey El-Assal reaffirmed the call in a note dated November 9, 2026. Cantor frames it as an Overweight rating. The target implies potential upside of roughly 61% from where the shares were recently trading.

How Cantor gets to $208

The $208 figure is not new. Cantor lifted its target from $186 to $208 on October 16, and the November note simply holds that line.

The firm values Strategy using a sum-of-the-parts approach. The first part is the software business. Cantor assigns it a value of twice the projected 2027 sales of $509 million.

The second part is the Bitcoin pile. As of mid-October 2026, Strategy held approximately 848,000 BTC.

Cantor raised its 12-month forward projection for Bitcoin to $112,000, up from a previous $98,000.

Put the software and the coins together and Cantor arrives at an enterprise value estimate of $110 billion for Strategy.

Where the rest of Wall Street stands

The broader analyst consensus remains positive, with average price targets landing somewhere between $244 and $333 depending on the firm doing the tallying.

That puts Cantor’s $208 toward the more conservative end of the bullish crowd.

BTIG upheld a Buy rating with a $250 target on October 30. B. Riley cut its target to $180 on November 3 while keeping its Buy rating intact.

In its latest quarters, Strategy posted earnings per share that beat expectations, while revenue came in short.

The company behind the coins

Strategy has spent years turning itself into a Bitcoin accumulation vehicle that happens to have a software business attached. It continues to buy the asset while actively managing its capital structure.

That capital management has recently included preferred stock activity. Preferred shares are a hybrid between stock and debt, typically paying a fixed dividend and ranking ahead of common shareholders if things go sideways.

What this means for investors

The most important number in Cantor’s note may not be $208. It is $112,000, the Bitcoin price assumption that underpins the whole model.

The spread between B. Riley’s $180 and the consensus range of $244 to $333 shows how much room there is for disagreement. Small changes in the Bitcoin assumption can produce large swings in the final number, given the size of the holdings.