JPMorgan upgrades Cipher and CleanSpark, trims MARA and Riot targets in bitcoin miner reset
JPMorgan upgraded Cipher and CleanSpark while cutting price targets for MARA and Riot amid a sector reset favoring high-power compute transitions.Summary
JPMorgan updated its outlook on bitcoin miners, signaling a "higher-conviction" phase for high-power compute (HPC) and cloud-compute transitions, citing over 600 MW of AI-related deals signed since late September. The firm upgraded Cipher Mining to Overweight, raising its price target to $18, highlighting its recent HPC contracts and attractive share price. CleanSpark was also upgraded to Overweight with a reiterated $14 target, based on the potential of its new Texas site.
Conversely, JPMorgan trimmed price targets for established miners. MARA Holdings' target was cut to $13 from $20 due to declining bitcoin prices and increased share count, while Riot's target was lowered to $17 from $19. For IREN, the price target was raised to $39 following its Microsoft deal, but the rating remained Underweight as analysts believe future HPC projects are already priced in, noting the target is below the current trading price.
(Source：The Block)