Wall Street giant JPMorgan (JPM) turned more bullish on some bitcoin (BTC) mining stocks in its coverage following third quarter results and recent gains in bitcoin price and the network hashrate, the bank said in a report on Tuesday.
The bank upgraded Cipher Mining (CIFR) and CleanSpark (CLSK) to overweight from neutral. JPMorgan also introduced a new price $8 price target for Cipher, and raised its CleanSpark price target to $17 from $10.50.
MARA Holdings (MARA) was also upgraded to neutral from underweight and raised its price target on the stock to $23 from $12.
The U.S. bank downgraded IREN (IREN) to neutral from overweight while increasing its price target on the shares to $15 from $9.50.
It raised its Riot Platforms (RIOT) price target to $16 from $9.50, while maintaining its overweight rating on the company.
The bank said it was introducing a new sum-of-the-parts (SOTP) valuation framework for the miners, which took into account company’s mining operations, their respective land and power portfolios, and their hodl balance to reflect any bitcoin that the firms may hold on their balance sheet.
Cipher rose over 4% in early trading Tuesday, CleanSpark gained around 3.5%, MARA climbed over 2%, RIOT was almost 2% higher, and IREN was 0.4% better.
Read more: Bitcoin Mining Profitability Improved in November, JPMorgan Says
