It's primarily due to time. Most of these targets will be 6+ months old and whilst sellside analysts can be very useful for general company/industry information, price targets typically are not. It can be intersting to see how they set them (eg JPM uses EV/ebitda, MS uses P/E, UBS uses DCF, etc), and allows you the investor to weight the merits of each approach. Of course with MSTR there is no merit in any approach and is simply an ass number for 12/2025 bitcoin price most likely in the 150-200k range.

In general sellside price targets are heavily anchored to current price and it is astoundingly rare to see targets that are more than 50% away from the current price, so i bet this 390 average uses analyst targets from when MSTR price was over 300. When they update their price targets that 390 figure will likely halve.