Mizuho retained its Outperform rating and $165 price target for Strategy (MSTR) following the company’s third-quarter 2026 earnings call, according to a Nov. 2 report from BlockBeats.
Leverage and dilution in focus
BlockBeats said analyst Dan Dolev pointed to a stronger balance sheet, including a fall in net leverage to 2.4% from 8.4%. The report also highlighted a 3.7% year-to-date decline in Strategy’s BTC per share and associated equity dilution concerns.
The underlying Mizuho research note was not independently reviewed.
Source: BlockBeats report on Mizuho’s Strategy assessment, published Nov. 2, 2026, at 11:51 UTC. Chinese source.