Markets, Bitcoin Miners, Iren, Cipher Mining, JPMorgan, Analyst Ratings Bitcoin Miner IREN Upgraded to Overweight, Cipher Mining Cut to Neutral: JPMorgan
Wall Street financial institution JPMorgan (JPM) up to date its bitcoin (BTC) miner value targets and estimates following fourth-quarter 2024 outcomes and to account for modifications within the bitcoin value and the community hashrate.
JPMorgan raised IREN (IREN), its high decide within the sector, to chubby from impartial, and minimize its value goal to $12 from $15. The shares have been 2.7% greater at $7.23 in early commerce.
Cipher Mining (CIFR) was downgraded to impartial from chubby, whereas the financial institution withdrew its $8 value goal. The inventory fell 3% to $3.10.
The financial institution reiterated its chubby scores on Riot Platforms (RIOT) and CleanSpark (CLSK), and decreased their respective value targets to $13 and $12. Riot slipped 0.5% to $7.82. CleanSpark gained 0.6% to $8.15.
It reiterated its impartial score on MARA Holdings (MARA), and minimize the corporate’s value goal to $18 from $23. The shares rose 0.5% to $13.14.
Miner’s value targets have been slashed by 19%-29% to replicate a ten% discount to the financial institution’s bitcoin value assumption and an 80% enhance to the financial institution’s community hashrate progress estimate.
The complete market cap of the 5 mining shares that the financial institution covers has slumped greater than 20% year-to-date versus a 11% decline within the bitcoin value, the report famous.
Mining shares have come underneath strain as excessive efficiency computing (HPC) offers have taken longer than anticipated to return to fruition, and mining economics have deteriorated, the financial institution mentioned.
The pullback in these shares provides a lovely entry level for buyers, the report added.
Read more: Bitcoin Mining Economics Weakened in February: JPMorgan
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