JPMorgan Adjusts Bitcoin Miner Price Targets

Wall Street bank JPMorgan (JPM) updated its bitcoin (BTC) miner price targets and estimates following fourth-quarter 2024 results to account for changes in the bitcoin price and the network hashrate.

Price Target Adjustments

• IREN (IREN): Upgraded to overweight from neutral; price target cut to $12 from $15. Shares rose 2.7% to $7.23.
• Cipher Mining (CIFR): Downgraded to neutral from overweight; price target withdrawn. Stock fell 3% to $3.10.
• Riot Platforms (RIOT): Rating retained at overweight; price target lowered to $13. Shares dipped 0.5% to $7.82.
• CleanSpark (CLSK): Rating retained at overweight; price target reduced to $12. Stock increased 0.6% to $8.15.
• MARA Holdings (MARA): Neutral rating maintained; price target cut to $18 from $23. Shares rose 0.5% to $13.14.

Market Trends

Miners’ price targets slashed by 19%-29% reflecting a 10% reduction in JPMorgan’s bitcoin price assumption and an 80% increase in network hashrate growth estimate.

The total market cap of the five mining stocks covered has fallen over 20% year-to-date compared to an 11% decline in bitcoin price.

Mining stocks are under pressure as high-performance computing (HPC) deals have delayed, deteriorating mining economics. However, the report suggests the pullback offers attractive entry points for investors.

Read more: Bitcoin Mining Economics Weakening in February: JPMorgan