Citi more than doubled its price target on MSTR stock after revising its 12-month Bitcoin forecast to $113,000.

  • Baird raised its Block’s price target to $106 from $105 and designated the stock a “Bullish Fresh Pick.”.
  • Baird maintained an ‘Outperform’ rating on Block, keeping its bullish view heading into the quarterly results.
  • Piper Sandler raised its price target on Coinbase to $170 from $146 while maintaining a ‘Neutral’ rating ahead of earnings.

Crypto-linked large-cap stocks gained in early morning trade on Friday, with Block (XYZ) getting a fresh bullish call from Baird ahead of its third-quarter earnings report. Coinbase (COIN) and Strategy (MSTR) also saw Wall Street raise their price targets.

In a note to investors cited by TheFly, Baird raised its price target on Block to $106 from $105 and maintained an ‘Outperform’ rating. The firm also designated Block as a “Bullish Fresh Pick” ahead of the company’s upcoming third-quarter (Q3) report.

Wall Street expects earnings per share (EPS) of around $1.02 on revenue of $6.6 billion, according to Koyfin data. The firm is scheduled to report its next earnings on November 3, after market.

XYZ stock rose around 1% in pre-market trade. On Stocktwits, retail sentiment around the Jack Dorsey-led firm trended in ‘bullish’ territory over the past day, accompanied by chatter at ‘normal’ levels. 

XYZ stock retail sentiment on October 2 as of 8:00 a.m. ET | Source: Stocktwits

COIN Stock Price Target Raised Ahead Of Earnings

Piper Sandler also raised its price target on Coinbase to $170 from $146 ahead of the company’s quarterly results.The firm maintained a ‘Neutral’ rating on the shares but said it has raised its 2026 and 2027 earnings-per-share estimates.

The company has not yet announced when it plans to report its third quarter (Q3) earnings, but Wall Street is expecting a loss of $0.22 per share on revenue of $1.17 billion. 

COIN stock rose around 2.88% in pre-market trade alongside a rally in Bitcoin (BTC). On stocktwits, retail sentiment around the cryptocurrency exchange remained in ‘bearish’ territory over the past day. 

COIN stock retail sentiment on October 2 as of 8:00 a.m. ET | Source: Stocktwits

Citi Doubles Strategy Target On Higher Bitcoin Forecast

Citi made the largest target increase among the three stocks, more than doubling its price target on Michael Saylor-backed Strategy to $240 from $136 while maintaining a ‘Buy’ rating. The firm attributed the higher target to its revised Bitcoin forecasts. Citi raised its 12-month base-case Bitcoin price forecast by 39% to $113,000.

MSTR stock rose 2.8% in pre-market trade, with retail sentiment around the Bitcoin treasury remaining in ‘neutral’ territory over the past day. 

MSTR stock retail sentiment on October 2 as of 8:00 a.m. ET | Source: Stocktwits

Last week, Strategy bought 1,665 Bitcoin at an average price of $85,681. The firm now holds 847,666 BTC, acquired for $63.95 billion at an average price of $75,437 per Bitcoin.

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