What to know:
- JPMorgan upgraded Cipher Mining and CleanSpark to overweight from neutral and raised MARA to neutral from underweight.
- The bank downgraded IREN to neutral from overweight.
- A sum-of-the-parts valuation framework is now being used for the sector, which values company’s mining operations, land and power portfolio, and hodl balance, the bank said.
As a seasoned researcher with years of experience in the financial markets, I find it intriguing to see Wall Street giants like JPMorgan making strategic moves in the bitcoin mining sector. Having closely observed the crypto market’s volatility and its potential for growth, I can appreciate their bullish stance on certain players like Cipher Mining, CleanSpark, and MARA Holdings.
Financial titan JPMorgan (JPM) has grown increasingly optimistic about certain Bitcoin (BTC) mining stock investments, as reflected in their analysis following Q3 earnings and Bitcoin’s recent price surge and network hash rate increase, according to a statement released on Tuesday.
JPMorgan has increased the recommended weight of Cipher Mining (CIFR) and CleanSpark (CLSK) from ‘neutral’ to ‘overweight’. Moreover, they have set a new price target for Cipher at $8, while raising their previous target for CleanSpark from $10.50 to $17.
The financial analyst’s assessment for MARA Holdings (MARA) has been revised, moving it from ‘underweight’ to ‘neutral’. Furthermore, they have boosted their predicted stock price, increasing it from $12 to $23.
In simpler terms, the American bank has changed its recommendation for IREN stocks from ‘buy’ to ‘neutral’, but they have raised their predicted share price from $9.50 to $15 instead.
As a research analyst, I’ve recently adjusted my price forecast for RIOT (Riot Blockchain Inc.) to $16, up from my previous estimate of $9.50. Despite this increase, I continue to endorse an overweight position on the company.
The bank announced they would implement a new evaluation system for the mining companies, called Sum-of-the-Parts (SOTP), which considers factors such as the company’s mining activities, land and energy resources, and their Bitcoin holdings recorded in their financial statements.
On Tuesday’s early market session, Cipher experienced a rise of more than 4%, CleanSpark increased by roughly 3.5%, MARA saw an increase of over 2%, RIOT climbed nearly 2%, and IREN improved by about 0.4%.
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2024-12-10 15:21