Canaccord Cuts Strategy Price Target to $130 From $163

Canaccord Genuity lowered its price target on Strategy Inc. to $130 from $163.

Walter Bloomberg reported on June 30 that Canaccord made the cut as Bitcoin remained weak and Strategy shares continued to struggle.

Strategy, which trades under the ticker MSTR, is the world's largest publicly traded holder of Bitcoin. Its stock is closely tied to moves in Bitcoin prices and the value of its holdings.

TD Cowen had previously cut its price target on Strategy to $260 from $400, citing a weaker outlook for Bitcoin.

Strategy recently announced its Digital Credit Capital framework, along with plans to bolster dollar reserves, raise the STRC dividend rate, launch common and preferred stock buyback programs, and introduce a Bitcoin monetization program. Still, as Bitcoin prices remain under pressure, Wall Street firms have continued to lower their targets on the stock.