JPMorgan (JPM) raised its price targets for a number of bitcoin BTC mining companies to reflect first-quarter results and changes to the bitcoin price and the network hashrate, the bank said in a report Friday.
The bank lifted its CleanSpark (CLSK) price target to $14 from $12, its Riot Platforms (RIOT) objective to $14 from $13 and its MARA Holdings (MARA) target to $19 from $18.
“Our price targets generally increased due to higher bitcoin prices and improving mining profitability,” analysts Reginald Smith and Charles Pearce wrote.
JPMorgan said it tweaked the price targets to reflect a 24% increase in the bank’s spot bitcoin assumption and a 9% increase to its network hashrate estimate.
The hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain, and is a proxy for competition in the industry and mining difficulty.
JPMorgan reiterated its overweight rating on CleanSpark, IREN (IREN) and Riot, and its neutral rating for Cipher Mining (CIFR) and MARA.
Read more: Bitcoin Mining Profitability Improved in May, JPMorgan Says
Read MoreCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data[#item_full_content]
The Bitcoin’s behavior around US Federal Reserve announcements has become one of the most consistent…
Bitcoin Magazine Bitcoin Falls Below $90,000 As Vanguard Exec Struggles With Bitcoin Value The bitcoin…
Bitcoin Magazine Why Trump Should Pardon The Developers of Bitcoins Non Custodial Samourai Wallet On…
Crypto markets saw a modest lift after the US Federal Reserve made another move on…
Bitcoin Magazine Sangha Renewables Energizes 20 MW Bitcoin Mining Facility in West Texas Sangha Renewables…
Chipmaker Broadcom's 10% slide weighs on the market as Chicago Fed's Goolsbee signals more cuts…