JPMorgan Raises Bitcoin Miner Price Targets Following Q1 Results
JPMorgan increased price targets for several bitcoin mining companies, reflecting first-quarter results and changes in bitcoin prices and network hashrate. Key adjustments include:
- CleanSpark (CLSK) target raised to $14 from $12
- Riot Platforms (RIOT) target raised to $14 from $13
- MARA Holdings (MARA) target raised to $19 from $18
The adjustments were influenced by a 24% rise in spot bitcoin assumptions and a 9% increase in network hashrate estimates. The hashrate represents the total computational power used in mining and indicates industry competition and mining difficulty.
JPMorgan maintained an overweight rating on CleanSpark, IREN, and Riot, with a neutral rating for Cipher Mining and MARA.