JPMorgan Upgrades Bitcoin Miners, Citing Q3 Momentum and BTC Rally
JPMorgan (JPM) has revised its outlook on several bitcoin (BTC) mining stocks, attributing the changes to robust third-quarter performance, bitcoin’s price surge, and rising network hashrates. The updates were detailed in a report released Tuesday.
Cipher Mining (CIFR) and CleanSpark (CLSK) received upgrades to “overweight” from “neutral.” Cipher’s price target was introduced at $8, while CleanSpark’s was raised significantly to $17 from $10.50. Marathon Digital Holdings (MARA) was upgraded to “neutral” from “underweight,” with its price target increasing to $23 from $12.
Meanwhile, Iris Energy (IREN) was downgraded to “neutral” from “overweight,” though its price target rose to $15 from $9.50. Riot Platforms (RIOT) retained its “overweight” rating, with a higher price target of $16 compared to the previous $9.50.
JPMorgan introduced a novel valuation method for mining stocks, factoring in their operational performance, ownership of energy and land resources, and bitcoin holdings. This approach highlights the diverse revenue streams and assets driving these companies’ valuations.
Market response to the upgrades was positive in early trading. Cipher Mining rose over 4%, CleanSpark gained 3.5%, MARA advanced 2%, Riot Platforms climbed nearly 2%, and Iris Energy edged up 0.4%.
The revisions reflect JPMorgan’s growing optimism about the mining sector, supported by bitcoin’s ongoing rally and miners’ operational improvements. The updates come as investors increasingly eye the profitability and resilience of digital asset companies amid a broader crypto market rebound.
