3 months ago
Wall Street slope JPMorgan (JPM) updated its bitcoin (BTC) miner terms targets and estimates pursuing fourth-quarter 2024 results and to relationship for changes successful the bitcoin terms and the web hashrate.
JPMorgan raised IREN (IREN), its apical prime successful the sector, to overweight from neutral, and chopped its terms people to $12 from $15. The shares were 2.7% higher astatine $7.23 successful aboriginal trade.
Cipher Mining (CIFR) was downgraded to neutral from overweight, portion the slope withdrew its $8 terms target. The banal fell 3% to $3.10.
The slope reiterated its overweight ratings connected Riot Platforms (RIOT) and CleanSpark (CLSK), and reduced their respective terms targets to $13 and $12. Riot slipped 0.5% to $7.82. CleanSpark gained 0.6% to $8.15.
It reiterated its neutral standing connected MARA Holdings (MARA), and chopped the company's terms people to $18 from $23. The shares roseate 0.5% to $13.14.
Miner's terms targets were slashed by 19%-29% to bespeak a 10% simplification to the bank's bitcoin terms presumption and an 80% summation to the bank's web hashrate maturation estimate.
The full marketplace headdress of the 5 mining stocks that the slope covers has slumped much than 20% year-to-date versus a 11% diminution successful the bitcoin price, the study noted.
Mining stocks person travel nether unit arsenic precocious show computing (HPC) deals person taken longer than expected to travel to fruition, and mining economics person deteriorated, the slope said.
The pullback successful these stocks offers an charismatic introduction constituent for investors, the study added.
Read more: Bitcoin Mining Economics Weakened successful February: JPMorgan
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