Wall Street Bank JPMorgan changed the ratings and pricing of a group of Bitcoin mine workers to begin the week.
Updating Estimates for the Group To reflect earnings and changes in the second quarter and changes in the network’s hash rate and the Bitcoin award, the bank upgraded Mara Holdings (Mara) to overweight and lifted its price target to $ 22 from $ 19, suggesting approx. 30% up from Friday close to $ 17.
IREN (IREN) was downgraded to neutral from overweight, although the price target was lifted to $ 16 from $ 12. Riot platforms (Riot) were also cut to neutral from overweight, and its target rose to $ 15 from $ 14.
Overweight Rated Cleanspark (CLSK) is the bank’s top choice with a raised price target of $ 15 against $ 14 earlier, which suggests approx. 30% upside down from closed just under $ 12 on Friday.
Untreated Chiffer Mining (FIFR) has a new price target of $ 6.
“In a shift, we favor the pure-play operators within our cover universe as they offer the best relative value and are best placed to take advantage of an increasing Bitcoin award,” wrote analysts Reginald Smith and Charles Pearce.
Miner price targets have been increased to take into account higher Bitcoin prices and improve mining profitability, the authors continued.
The world’s largest cryptocurrency traded about $ 118,700 at publication time.
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