JP Morgan: "Improvement in Bitcoin mining profitability... Target prices for mining stocks such as CleanSpark raised"
Summary
- JP Morgan announced that it has raised the target prices of major mining stocks such as CleanSpark, Riot Platforms, and MARA Holdings in line with the improvement in profitability of Bitcoin mining companies.
- The report cited the rise in Bitcoin prices, improvement in mining profitability, network hash rate, and Bitcoin price trends as the main reasons behind the revision.
- JP Morgan maintained an ‘Overweight’ view for CleanSpark, Iren, and Riot, and reaffirmed a ‘Neutral’ rating for Cipher Mining and MARA Holdings.
Global financial firm JP Morgan has raised the target prices of major Bitcoin (BTC) mining companies as their profitability has improved.
According to CoinDesk, a media outlet specializing in digital assets (cryptocurrency), JP Morgan stated in a recent research report that it is raising the target price for CleanSpark from $12 to $14, for Riot Platforms from $13 to $14, and for MARA Holdings from $18 to $19.
The report explained, “The target price increases are attributed to the rise in Bitcoin prices and improvement in mining profitability,” adding, “This reflects Q1 results along with the trends in network hash rate and Bitcoin price.”
In terms of investment opinion, JP Morgan maintained an ‘Overweight’ rating for CleanSpark, Iren (IREN), and Riot, and reaffirmed a ‘Neutral’ rating for Cipher Mining and MARA Holdings.
The outlet added, “JP Morgan had already diagnosed signs of recovery in the profitability of the mining sector last month,” and “this latest target price revision is an extension of that analysis.”
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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