JPMorgan Adjusts Target Stock Prices for Cryptocurrency Mining Companies
Publication Time:2024-08-23 19:58:09
Recently, JPMorgan announced an adjustment to the target stock prices for cryptocurrency mining companies based on the current Bitcoin price and the estimated value of the remaining 1.3 million BTC yet to be mined, which is approximately $74 billion. After evaluating the performance in the second quarter and changes in Bitcoin prices and network hash rates, JPMorgan decided to lower the target stock prices of related mining firms. Specifically, CleanSpark's target stock price was lowered from $12.50 to $10.50, maintaining a neutral rating; Iren's target price was reduced from $11 to $9.50, while its overweight rating remains unchanged; Marathon Digital's price target was adjusted from $14 to $12, and Riot Platforms' price target was lowered from $12 to $9.50. These adjustments reflect changes in market conditions and corporate performance.
JPMorgan
Cryptocurrency Mining
Bitcoin Price
network hash rate
target stock prices