Bitcoin Mining Stocks Cipher, CleanSpark, and MARA Receive Upgrades from JPMorgan.

JPMorgan Upgrades Bitcoin Mining Stocks, Sets Higher Price Targets for Cipher, CleanSpark, and MARA

In the wake of strong third-quarter earnings and a rally in both bitcoin (BTC) prices and network hashrate, JPMorgan (JPM) has taken a more favorable stance on several bitcoin mining companies. The investment bank shared its updated outlook in a report on Tuesday.

Cipher Mining (CIFR) and CleanSpark (CLSK) received upgrades to “overweight” from “neutral,” reflecting increased confidence in their growth trajectories. Cipher’s price target was set at $8, while CleanSpark’s target was lifted to $17 from $10.50.

Marathon Digital Holdings (MARA) also saw its rating improve to “neutral” from “underweight,” with its price target rising significantly to $23 from $12.

However, Iris Energy (IREN) was downgraded to “neutral” from “overweight,” though its price target still rose to $15 from $9.50. Riot Platforms (RIOT) maintained its “overweight” rating, with its price target increased to $16 from $9.50.

The bank introduced a new sum-of-the-parts (SOTP) valuation framework, incorporating miners’ operational performance, land and power resources, and bitcoin holdings to better reflect their overall value.

Following the report, mining stocks saw a boost in early trading. Cipher gained over 4%, CleanSpark advanced 3.5%, MARA increased by more than 2%, RIOT rose nearly 2%, and IREN edged up 0.4%.