Mizuho maintained its "Outperform" rating and $165 price target for Strategy (MSTR) following its Q3 2026 earnings call. Analyst Dan Dolev noted that Strategy's balance sheet is stronger, holding 848,517 Bitcoins, with net leverage decreasing from 8.4% to 2.4%, and possessing $5.1 billion in USD assets, which can cover 3.4 years of dividends and interest. However, Bitcoin per share has declined by 3.7% year-to-date, raising dilution concerns.