Bitcoin Rally Boosts JPMorgan Outlook for Public Miners
JPMorgan analysts have revised upward their price targets for several leading bitcoin mining stocks, citing stronger BTC performance and rising profitability in the sector.
The bank now sees CleanSpark (CLSK) reaching $14 (up from $12), Riot Platforms (RIOT) at $14 (up from $13), and MARA Holdings (MARA) climbing to $19 (from $18), according to a Friday research note.
The updates are based on a 24% jump in JPMorgan’s projected spot bitcoin price and a 9% increase in forecasted network hashrate, reflecting growing competition among miners and expanding computing power on the blockchain.
“Higher BTC prices and a slightly more favorable difficulty backdrop are driving margin expansion across top-tier operators,” analysts Reginald Smith and Charles Pearce wrote.
CleanSpark, Riot, and Iris Energy (IREN) continue to carry overweight ratings, while Cipher Mining (CIFR) and MARA remain neutral.
