JPMorgan upgrades the ratings of Bitcoin mining companies Cipher, CleanSpark, and MARA

2024-12-10 20:19:56

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ChainCatcher news, JPMorgan upgrades the ratings of Bitcoin mining companies Cipher, CleanSpark, and MARA. JPMorgan raised the rating of Cipher Mining and CleanSpark from neutral to overweight, and upgraded MARA's rating from underweight to neutral. JPMorgan downgraded IREN's rating from overweight to neutral.

JPMorgan also set a new target price of $8 for Cipher and raised its target price for CleanSpark from $10.50 to $17.

JPMorgan stated that it is introducing a new sum-of-the-parts (SOTP) valuation framework for mining companies, which takes into account the company's mining operations, respective land and power portfolios, and their holding balances to reflect the Bitcoin that the company may hold on its balance sheet.

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