JPMorgan (JPM) increased its price objectives for several bitcoins
The mining companies will reflect the results and changes in the price of Bitcoin and the hashrate of the network, the bank said in a report on Friday.
The bank raised its CleansPark price objective (CLSK) at $ 14 from $ 12, its Riot (Riot) platforms target at $ 14 from $ 13 and its target of Mara Holdings (Mara) to $ 19 from $ 18.
“Our price objectives generally increased due to the highest prices of Bitcoin and the improvement of mining profitability,” wrote the analysts Reginald Smith and Charles Pearce.
JPMorgan said he modified the price objectives to reflect an increase of 24% in Bitcoin Spot’s assumption of the bank and an increase of 9% in its network hashrate estimate.
The hashrate refers to the total combined computational power used to extract and process transactions in a chain of work test blocks, and is a proxy of competition in industry and mining difficulty.
JPMorgan reiterated his overweight qualification in Cleanspark, Iren (Iren) and Riot, and his neutral qualification for Cipher Mining (CIFF) and Mara.
Read more: Bitcoin’s mining profitability improved in May, says JPMorgan
