CryptoQuant Chief Executive Officer Ki Young Ju said concerns over Morgan Stanley Capital International-related factors affecting Strategy Inc. have already been reflected in the stock price, while Wall Street analysts remain bullish on the company.

In a post on X on Oct. 16, Ju wrote that “analysts don’t care about MSCI” and that market consensus on Strategy remains “very bullish.”

He cited price targets from major investment banks to support that view. Citigroup has a $240 target on Strategy, Barclays sees $175, and B. Riley has set $195. Ju added that “price targets are not falling — they’re rising.”

On MSCI-related factors, Ju said the impact on the stock is likely to be limited. “MSCI is a matter of fund flows, and that has already been priced in,” he wrote.

Ju said the key indicators to watch going forward are Strategy’s market capitalization-to-net asset value multiple, or mNAV, the price of preferred stock STRC, and the company’s cash reserves.

According to Ju, Strategy’s mNAV is around 1x, while STRC is trading near par value. He also said the company’s $3.75 billion in reserves supports dividend payments.

The remarks suggest investors should pay closer attention to Strategy’s valuation and financing conditions than to concerns over MSCI-related trading flows.