Wall Street Bank JP Morgan reshuffled its valuation and price targets in the Bitcoin Miner group and started the week.
When the group updated its estimates to reflect changes in second quarter revenues and network hashrate and Bitcoin prices, the bank upgraded Mara Holdings (MARA) to overweight, increasing its price target from $19 to $22.
Iren (Airen) was downgraded to neutral because he was overweight, but his price target was raised from $12 to $16. Riot platforms (riots) were also cut from overweight to neutral, with their target increasing from $14 to $15.
Overweight Rated CleanSpark (CLSK) is the bank’s top pick, with price target rising at $14 against $15, suggesting an upside of about 30% from the end of Friday’s under $12.
The new price target for Unstrated Cipher Mining (CIFR) is $6.
“In the shift, we stand for pure play operators within the coverage universe. They are in a great position to provide the highest relative value and benefit from rising Bitcoin prices,” writes analysts Reginald Smith and Charles Pierce.
Mining price targets increased in view of rising Bitcoin prices and increasing profitability in mining, the author continued.
The world’s largest cryptocurrency traded around $118,700 at the time of publication.
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