What to know:
- JPMorgan, in a fit of financial gymnastics, slashed price targets for bitcoin miners by a staggering 19%-29%. Who knew they were so good at cutting?
- In a twist of fate, the bank decided to upgrade IREN to overweight from neutral. Meanwhile, Cipher Mining got the cold shoulder, downgraded to neutral from overweight. Ouch!
- Riot Platforms and CleanSpark are still riding high with their overweight ratings, while MARA Holdings is left in the neutral zone, like a kid at a dance party with no one to dance with.
In the grand theater of Wall Street, JPMorgan (JPM) has taken a long, hard look at its bitcoin (BTC) miner price targets and estimates, all thanks to the fourth-quarter 2024 results and the ever-volatile bitcoin price and network hashrate. It’s like trying to predict the weather in a tornado!
JPMorgan, in a moment of clarity, raised IREN (IREN), its golden child in the sector, to overweight from neutral, but not without cutting its price target to $12 from $15. The shares, in a rare moment of joy, were up 2.7% at $7.23 in early trade. Hooray for small victories!
Cipher Mining (CIFR), however, was not so lucky. Downgraded to neutral from overweight, the bank decided to withdraw its $8 price target. The stock took a tumble, falling 3% to $3.10. Talk about a rough day at the office!
Riot Platforms (RIOT) and CleanSpark (CLSK) are still basking in the glow of their overweight ratings, but even they saw their price targets trimmed to $13 and $12, respectively. Riot slipped 0.5% to $7.82, while CleanSpark managed a 0.6% gain to $8.15. It’s like watching a slow-motion race!
MARA Holdings (MARA) is still hanging in there with a neutral rating, but its price target got a haircut, dropping to $18 from $23. The shares rose 0.5% to $13.14, proving that even in a storm, some boats still float.
JPMorgan’s price target slashes reflect a 10% reduction in the bank’s bitcoin price assumption and an 80% increase in the network hashrate growth estimate. It’s like trying to balance a seesaw with a weight on one side!
The total market cap of the five mining stocks that the bank covers has plummeted more than 20% year-to-date, while bitcoin itself has only declined by 11%. It’s a wild ride, folks!
Mining stocks are feeling the heat as high-performance computing (HPC) deals are taking longer than expected to materialize, and the mining economics are looking a bit grim. But fear not! The report suggests that this pullback might just be the golden opportunity investors have been waiting for. Grab your popcorn, folks, it’s going to be a bumpy ride!
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2025-03-13 16:50