Wall Street bank JPMorgan reshuffled ratings and price targets on a group of bitcoin miners to begin the week.
Updating estimates for the group to reflect second-quarter earnings and changes to the network hashrate and the bitcoin price, the bank upgraded MARA Holdings (MARA) to overweight and lifted its price target to $22 from $19, suggesting about 30% upside from the Friday close just above $17.
IREN (IREN) was downgraded to neutral from overweight, though the price target was lifted to $16 from $12. Riot Platforms (RIOT) was also cut to neutral from overweight, and its target increased to $15 from $14.
Overweight rated CleanSpark (CLSK) is the bank’s top pick, with a raised price target of $15 versus $14 previous, suggesting about 30% upside from the close just below $12 on Friday.
Unrated Cipher Mining (CIFR) has a new price objective of $6.
“In a shift, we favor the pure-play operators within our coverage universe, as they offer the best relative value, and are best positioned to benefit from a rising bitcoin price,” analysts Reginald Smith and Charles Pearce wrote.
Miner price targets have been increased to account for higher bitcoin prices and improving mining profitability, the authors continued.
The world’s largest cryptocurrency was trading around $118,700 at publication time.
Read more: Core Scientific Sale Sets Floor Price for Bitcoin Miners: JPMorgan
Read MoreCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data[#item_full_content]
Strategy says it can withstand a bitcoin price drop to $8,000 and still cover its…
Bitcoin is sitting at a “critical point,” with traders split between two familiar scripts: a…
According to Strategy founder Michael Saylor, the company believes it could meet its obligations even…
Traders are bracing for a heavy week of macroeconomic events, including Fed minutes and the…
Bitcoin price failed to stay above $70,000 and started another decline. BTC is now trading…
The Bitcoin price remains in a fragile phase in its broader market structure, alternating between…