6 months ago
Wall Street elephantine JPMorgan (JPM) turned much bullish connected immoderate bitcoin (BTC) mining stocks successful its sum pursuing 3rd 4th results and caller gains successful bitcoin terms and the web hashrate, the slope said successful a study connected Tuesday.
The slope upgraded Cipher Mining (CIFR) and CleanSpark (CLSK) to overweight from neutral. JPMorgan besides introduced a caller terms $8 terms people for Cipher, and raised its CleanSpark terms people to $17 from $10.50.
MARA Holdings (MARA) was besides upgraded to neutral from underweight and raised its terms people connected the banal to $23 from $12.
The U.S. slope downgraded IREN (IREN) to neutral from overweight portion expanding its terms people connected the shares to $15 from $9.50.
It raised its Riot Platforms (RIOT) terms people to $16 from $9.50, portion maintaining its overweight standing connected the company.
The slope said it was introducing a caller sum-of-the-parts (SOTP) valuation model for the miners, which took into relationship company's mining operations, their respective onshore and powerfulness portfolios, and their hodl equilibrium to bespeak immoderate bitcoin that the firms whitethorn clasp connected their equilibrium sheet.
Cipher roseate implicit 4% successful aboriginal trading Tuesday, CleanSpark gained astir 3.5%, MARA climbed implicit 2%, RIOT was astir 2% higher, and IREN was 0.4% better.
Read more: <a href="https://www.coindesk.com/markets/2024/12/02/bitcoin-mining-profitability-improved-in-november-jp-morgan-says" target="_blank">Bitcoin Mining Profitability Improved successful November, JPMorgan Says</a>
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