Earlier this week, Wall Street bank JPMorgan made changes to its ratings and price targets for a group of bitcoin mining companies.
After updating the group’s estimates to take into account second-quarter earnings, changes in network hashrate and bitcoin prices, the bank upgraded MARA Holdings (MARA) shares to overweight and increased its price target to $22 from $19, indicating upside of about 30% from Friday’s close of 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 the bank’s preferred pick, with a higher price target to $15 from the previous $14, implying upside of about 30% from Friday’s close just below $12.
The new price target for Unrated Cipher Mining (CIFR) is now $6.00.
“At some point, we favor operators that operate exclusively in this sector 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 to reflect higher Bitcoin prices and improved 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
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