Jefferies Sees Solid Quarter but Limited Upside for Bitcoin Miner MARA

Investment bank Jefferies maintained a hold rating on MARA Holdings shares following Q3 results that were largely in line with expectations, reporting $252 million in revenue. While the firm noted steady operations, promising power integration developments, and cautious AI steps, it trimmed its price target to $16 from $19. Analysts highlighted MARA's letter of intent with MPLX to co-develop a 400MW gas-fired generation and data center project in West Texas, which could offer a structural advantage by controlling power and hedging volatility. Furthermore, the bank noted the strategic importance of MARA's first small-scale AI inference deployment in Granbury, Texas, as a proof of concept for potentially higher-margin revenue streams at the intersection of mining and AI computing.

(Source：CoinDesk)