Bitcoin Miner MARA Holdings Upgraded to Overweight at JPMorgan; IREN, Riot Downgraded to Neutral

Earlier this week, Wall Street bank JPMorgan updated its ratings and price targets for a group of Bitcoin miners.

Revising the group's estimates to take into account second-quarter earnings, changes in network hashrate and the price of bitcoin, the bank upgraded MARA Holdings (MARA) shares to “overweight” and increased its price target to $22 from $19, implying upside of about 30% from Friday's close just above $17.

IREN (IREN) was downgraded to Neutral from Overweight, while the price target was raised to $16 from $12. Riot Platforms (RIOT) was also downgraded to Neutral from Overweight, while the price target was raised to $15 from $14.

CleanSpark (CLSK), rated “overweight,” is a bank favorite, with a new price target of $15 from the previous $14, suggesting upside of about 30% from Friday's close just below $12.

The new price target for unnamed Cipher Mining (CIFR) is $6.00.

“At some point, we favor operators that operate exclusively in this space as they offer the best relative value and are optimally positioned to take advantage of the rise in bitcoin prices,” analysts Reginald Smith and Charles Pierce wrote.

The authors added that the target prices for miners were increased due to rising Bitcoin prices and improving mining profitability.

At the time of publication, the value of the world's largest cryptocurrency was around $118,700.

Read more: Core Scientific Sale Sets Price Floor for Bitcoin Miners: JPMorgan

Source: cryptonews.net