JPMorgan Updates Bitcoin Miner Ratings, Upgrades MARA Holdings to Overweight
JPMorgan updated ratings and price targets for several bitcoin miners based on recent earnings and market changes:
- MARA Holdings (MARA) upgraded to overweight; price target raised from $19 to $22, indicating 30% upside.
- IREN (IREN) downgraded to neutral; price target increased from $12 to $16.
- Riot Platforms (RIOT) downgraded to neutral; target raised from $14 to $15.
- CleanSpark (CLSK) remains overweight; target raised from $14 to $15, suggesting 30% upside.
- Cipher Mining (CIFR) assigned a new price target of $6.
Analysts emphasized a preference for pure-play operators, citing better relative value and positioning for a rising bitcoin price. Mining profitability improvements influenced the revised price targets.
Bitcoin was trading at approximately $118,700 at the time of this update.