Wall Road financial institution JPMorgan (JPM) up to date its bitcoin (BTC) miner worth targets and estimates following fourth-quarter 2024 outcomes and to account for adjustments within the bitcoin worth and the community hashrate.
JPMorgan raised IREN (IREN), its prime choose within the sector, to chubby from impartial, and minimize its worth goal to $12 from $15. The shares have been 2.7% greater at $7.23 in early commerce.
Cipher Mining (CIFR) was downgraded to impartial from chubby, whereas the financial institution withdrew its $8 worth goal. The inventory fell 3% to $3.10.
The financial institution reiterated its chubby scores on Riot Platforms (RIOT) and CleanSpark (CLSK), and decreased their respective worth targets to $13 and $12. Riot slipped 0.5% to $7.82. CleanSpark gained 0.6% to $8.15.
It reiterated its impartial score on MARA Holdings (MARA), and minimize the corporate’s worth goal to $18 from $23. The shares rose 0.5% to $13.14.
Miner’s worth targets have been slashed by 19%-29% to replicate a ten% discount to the financial institution’s bitcoin worth assumption and an 80% improve to the financial institution’s community hashrate progress estimate.
The overall market cap of the 5 mining shares that the financial institution covers has slumped greater than 20% year-to-date versus a 11% decline within the bitcoin worth, the report famous.
Mining shares have come below strain as excessive efficiency computing (HPC) offers have taken longer than anticipated to come back to fruition, and mining economics have deteriorated, the financial institution stated.
The pullback in these shares presents a gorgeous entry level for traders, the report added.
Learn extra: Bitcoin Mining Economics Weakened in February: JPMorgan
