JPMorgan Updates Bitcoin Miner Ratings, Adjusts Price Targets Amid Market Changes

JPMorgan updated its price targets for bitcoin miners, reflecting changes in bitcoin prices and network hashrate.

• Raised IREN (IREN) to overweight from neutral; price target cut to $12 from $15; shares rose 2.7% to $7.23.
• Downgraded Cipher Mining (CIFR) to neutral; withdrew $8 price target; stock fell 3% to $3.10.
• Maintained overweight ratings on Riot Platforms (RIOT) and CleanSpark (CLSK); price targets reduced to $13 and $12.
• Riot shares slipped 0.5% to $7.82; CleanSpark gained 0.6% to $8.15.
• Neutral rating on MARA Holdings (MARA); price target cut to $18 from $23; shares rose 0.5% to $13.14.
• Price targets slashed by 19%-29% due to a 10% reduction in bitcoin price assumptions and an 80% increase in network hashrate growth estimates.
• Total market cap of five covered mining stocks dropped over 20% year-to-date, compared to an 11% decline in bitcoin price.
• Mining stocks pressured by delays in high-performance computing deals and deteriorating mining economics.

The report suggests that the pullback in mining stocks may present an attractive entry point for investors.