After analyzing fourth-quarter 2024 results and considering changes in the bitcoin price and network hashrate, JPMorgan (JPM) has updated its bitcoin miner price targets and estimates.
JPMorgan now rates IREN (IREN) as overweight, up from neutral, with a price target of $12 (reduced from $15). The stock is currently trading 2.7% higher at $7.23.
On the other hand, Cipher Mining (CIFR) has been downgraded from overweight to neutral, and the bank has removed its $8 price target. The stock has fallen by 3% to $3.10.
Riot Platforms (RIOT) and CleanSpark (CLSK) maintain their overweight ratings, with reduced price targets of $13 and $12, respectively. Riot is down 0.5% at $7.82, while CleanSpark is up 0.6% at $8.15.
MARA Holdings (MARA) continues to have a neutral rating, with the price target lowered to $18 from $23. The stock has risen by 0.5% to $13.14.
The bank has decreased miner price targets by 19%-29% due to a 10% reduction in the bitcoin price assumption and an 80% increase in the network hashrate growth estimate.
Year-to-date, the total market cap of the five mining stocks covered by the bank has declined by more than 20%, compared to an 11% drop in the bitcoin price.
According to the bank, mining stocks have faced challenges as high performance computing (HPC) deals have been delayed, and mining economics have worsened.
The recent pullback in these stocks presents a good opportunity for investors to enter the market, as per the report.
