JPMorgan (JPM) raised its price targets for a number of Bitcoin
Mining companies to reflect results in the first quarter and changes in the Bitcoin award and the Hash Rate network, the bank said in a report Friday.
The bank lifted its Cleanspark (CLSK) price target for $ 14 from $ 12, its Riot Platform’s (Riot) target with $ 14 from $ 13 and its Mara Holdings (Mara) target for $ 19 from $ 18.
“Our price targets generally rose due to higher Bitcoin prices and improved mining of mining,” wrote analysts Reginald Smith and Charles Pearce.
JPMorgan said it was fine -tuned the price targets to reflect a 24% increase in the bank’s spot Bitcoin assumption and an increase of 9% to its network’s hashrate stimat.
Hashrate refers to the overall combined calculation strength used to mine and treat transactions on a proof-of-work blockchain, and is a power of attorney for competition in the industry and mining difficulties.
JPMorgan repeated its overweight assessment at Cleanspark, Iren (Iren) and Riot and its neutral rating for chiffer mining (digifr) and Mara.
Read more: Bitcoin mining profitability improved in May, says JPMorgan
