TD Cowen Trims Smarter Web Price Target by 36 Percent

TD Cowen has cut its price target for Smarter Web Company PLC by 36% to £0.64 ($0.86) per share, while reaffirming a Buy rating on the UK-based bitcoin treasury company.

The analysts' revised price target takes into account their updated forecast assumptions and projections, including projected year-end 2026 bitcoin holdings of £229 million.

TD Cowen's valuation framework assigns £63 million to Smarter Web's treasury operations and values its projected net debt at £18 million. The company currently holds 2,878 BTC, with analysts expecting it to increase its bitcoin holdings per fully diluted share in a favorable market environment.

The appointment of Oliver Hewett as chief financial officer has also been cited by TD Cowen as a positive development for Smarter Web's financial and capital markets capabilities.