JPMorgan Revises Bitcoin Miner Ratings as BTC Price Strengthens
JPMorgan has updated its outlook on bitcoin mining stocks, adjusting ratings and price targets to reflect second-quarter earnings, shifts in network hashrate, and continued strength in bitcoin, which was trading near $118,700 at the time of the report.
The bank upgraded Marathon Digital (MARA) to Overweight, citing improved fundamentals, and raised its price target to $22 from $19—representing approximately 30% upside from Friday’s close above $17.
In contrast, Iris Energy (IREN) and Riot Platforms (RIOT) were both downgraded to Neutral from Overweight. Still, JPMorgan lifted its price target on IREN to $16 from $12, and on Riot to $15 from $14, reflecting better-than-expected earnings and stronger bitcoin-linked revenue forecasts.
CleanSpark (CLSK) retained its Overweight rating and continues to be JPMorgan’s top pick in the space. The bank increased its target to $15 from $14, implying nearly 30% upside from its recent close just below $12.
While still unrated, Cipher Mining (CIFR) was given a new price target of $6.
“We are shifting preference toward pure-play operators in our coverage, which we believe offer stronger relative value and greater leverage to bitcoin price upside,” wrote analysts Reginald Smith and Charles Pearce.
The upward revisions, they added, reflect improving mining profitability amid rising BTC prices.
