Wall Street Bank JPMorgan (JPM) updated its objectives and estimates of Bitcoin Mining Price (BTC) after the results of the fourth quarter of 2024 and take into account the changes in the price of Bitcoin and the hashrate of the network.
JPMorgan raised to Iren (Iren), his best choice in the sector, for neutral overweight, and reduced its objective price at $ 12 from $ 15. The shares were 2.7% higher than $ 7.23 in early trade.
Cipher Mining (CIFF) was degraded to overweight neutral, while the bank withdrew its target price of $ 8. The action fell 3% to $ 3.10.
The bank reiterated its overweight grades on Riot (Riot) and Cleanspark (CLSK) platforms, and reduced their respective price objectives at $ 13 and $ 12. Riot fell 0.5% to $ 7.82. Cleanspark won 0.6% at $ 8.15.
He reiterated his neutral qualification in Mara Holdings (Mara) and reduced the company’s target price to $ 18 from $ 23. The shares increased 0.5% to $ 13.14.
Mine’s price objectives were reduced by 19% -29% to reflect a 10% reduction to the Bitcoin’s price assumption of the bank and an 80% increase to the hashrate growth estimate of the bank’s network.
The total market capitalization of the five mining shares covered by the bank has collapsed more than 20% in the year in which a 11% decrease in the price of Bitcoin will be made, the report said.
Mining stocks have been under pressure since high -performance computing agreements (HPC) have taken longer than expected to reach a good term, and the mining economy has deteriorated, the bank said.
The setback in these actions offers an attractive entry point for investors, the report added.
Read more: Bitcoin Mining Economics weakened in February: Jpmorgan
