TD Cowen raised its price target for The Smarter Web Company to £0.73 from £0.64 and retained a Buy rating, citing the proposed MORE perpetual preferred-share offering as a potential new long-term funding channel. Shares closed at £0.385 on Monday, up 1.32% from Friday, implying roughly 90% upside to the target. Smarter Web aims to raise £15 million to £25 million through MORE, subject to a £10 million minimum, shareholder approval and an FCA-approved prospectus. The non-voting securities would pay cumulative variable-rate weekly dividends and carry liquidation preference and company redemption rights. TD Cowen said the structure reflects broader use of preferred equity, secured credit and convertible securities among Bitcoin treasury companies. The company reported Bitcoin Yield of about 11.5% through Sept. 2 after repaying its TOBAM-backed convertible early, while TD Cowen's Bitcoin scenarios range from $25,000 to $175,000.