7 hours ago
Wall Street slope JPMorgan reshuffled ratings and terms targets connected a radical of bitcoin miners to statesman the week.
Updating estimates for the radical to bespeak second-quarter net and changes to the web hashrate and the bitcoin price, the slope upgraded MARA Holdings (MARA) to overweight and lifted its terms people to $22 from $19, suggesting astir 30% upside from the Friday adjacent conscionable supra $17.
IREN (IREN) was downgraded to neutral from overweight, though the terms people was lifted to $16 from $12. Riot Platforms (RIOT) was besides chopped to neutral from overweight, and its people accrued to $15 from $14.
Overweight rated CleanSpark (CLSK) is the bank's apical pick, with a raised terms people of $15 versus $14 previous, suggesting astir 30% upside from the adjacent conscionable beneath $12 connected Friday.
Unrated Cipher Mining (CIFR) has a caller terms nonsubjective of $6.
"In a shift, we favour the pure-play operators wrong our sum universe, arsenic they connection the champion comparative value, and are champion positioned to payment from a rising bitcoin price," analysts Reginald Smith and Charles Pearce wrote.
Miner terms targets person been accrued to relationship for higher bitcoin prices and improving mining profitability, the authors continued.
The world's largest cryptocurrency was trading astir $118,700 astatine work time.
Read more: Core Scientific Sale Sets Floor Price for Bitcoin Miners: JPMorgan
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