Bitcoin (BTC) Miner Iren (Iren) is to be upgraded to overweight, cipher mining (CIFR) cut into neutral: jpmorgan
Wall Street Bank JPMorgan (JPM) updated Bitcoin (BTC) miners’ target prices and estimates following the results of the fourth quarter of 2024 and to account for changes in Bitcoin price and network hashrate.
JPMorgan raised Iren (Iren), its leading choice in the sector, to overweight from neutral, and cut its target price to $ 12 from $ 15. Shares are 2.7% higher than $ 7.23 in early trade.
The Cipher Mining (CIFR) has been -dowgraded to neutral from overweight, as the bank retreats to its $ 8 target price. Stock fell 3% up to $ 3.10.
The bank announced its overweight ratings on riot platforms (RIOT) and Cleanspark (CLSK), and reduced their price targets to $ 13 and $ 12. The riot slipped 0.5% to $ 7.82. Cleanspark gained 0.6% to $ 8.15.
It repeated its neutral rating on Mara Holdings (Mara), and cut off the company’s price target to $ 18 from $ 23. Sharing increased 0.5% to $ 13.14.
Miner price targets have slipped 19% -29% to show a 10% reduction in the bank’s Bank price assumption and an 80% increase in the hashrate bank estimation of the hashrate.
The total market cap of five mining stocks whose bank caps dropped more than 20% year-to-date compared to a 11% decline in bitcoin price, the report mentioned.
Mining stocks are under pressure because deals with high performance computing (HPC) are longer than expected to come, and the mining economy deteriorates, the bank said.
The pullback to these stocks offers a attractive -attractive entry point for investors, the report added.
Read More: Bitcoin Mining Economics weakened in February: JPMorgan
