Wall Street Bank JPMorgan (JPM) updated its Bitcoin (BTC) miner price targets and estimates after the results in the 4th quarter of 2024 and to explain changes in the Bitcoin award and the Hash Rate network.
JPMorgan raised Iren (Iren), its top choice in the sector, to overweight from neutral and cut its price target to $ 12 from $ 15. The shares were 2.7% higher at $ 7.23 in early trade.
Cipher mining (digifr) was downgraded to neutral from overweight while the bank withdrew its $ 8 price target. The stock dropped 3% to $ 3.10.
The bank repeated its overweight ratings on Riot Platforms (Riot) and Cleanspark (CLSK) and reduced their respective price targets to $ 13 and $ 12. Riot slipped 0.5% to $ 7.82. Cleanspark rose 0.6% to $ 8.15.
It repeated its neutral assessment of Mara Holdings (Mara) and cut the company’s price target to $ 18 from $ 23. The shares rose 0.5% to $ 13.14.
Miner’s price targets were cut down by 19% -29% to reflect a 10% reduction to the bank’s assumption of Bitcoin price and an 80% increase in the bank’s hash rate growth estimate.
The total market sheath for the five mining that the bank covers has fallen more than 20% years to date against a 11% fall in the Bitcoin price, the report noted.
Mining warehouses have come under pressure as High Performance Computing (HPC) deals have taken longer than expected to be executed and mines economy has worsened, the bank said.
Revenue in these shares offers an attractive entry point for investors, the report added.
Read more: Bitcoin Mining Economics weakened in February: JPMorgan
