Wall Avenue financial institution JPMorgan reshuffled scores and worth targets on a bunch of bitcoin miners to start the week.
Updating estimates for the group to mirror second-quarter earnings and adjustments to the community hashrate and the bitcoin worth, the financial institution upgraded MARA Holdings (MARA) to obese and lifted its worth goal to $22 from $19, suggesting about 30% upside from the Friday shut simply above $17.
IREN (IREN) was downgraded to impartial from obese, although the worth goal was lifted to $16 from $12. Riot Platforms (RIOT) was additionally reduce to impartial from obese, and its goal elevated to $15 from $14.
Obese rated CleanSpark (CLSK) is the financial institution’s prime decide, with a raised worth goal of $15 versus $14 earlier, suggesting about 30% upside from the shut slightly below $12 on Friday.
Unrated Cipher Mining (CIFR) has a brand new worth goal of $6.
“In a shift, we favor the pure-play operators inside our protection universe, as they provide the most effective relative worth, and are finest positioned to profit from a rising bitcoin worth,” analysts Reginald Smith and Charles Pearce wrote.
Miner worth targets have been elevated to account for larger bitcoin costs and bettering mining profitability, the authors continued.
The world’s largest cryptocurrency was buying and selling round $118,700 at publication time.
Learn extra: Core Scientific Sale Units Flooring Worth for Bitcoin Miners: JPMorgan