JPMorgan Lowers Target for Bitcoin Companies, Shares Stock as Buying Opportunity!
JPMorgan lowered its price targets for Bitcoin mining stocks due to the decline in Bitcoin price and increasing network hashrate.
US banking giant JPMorgan lowered its expectations for stock prices due to the decline in Bitcoin and the difficulty miners experienced after the halving.
JPMorgan updated its price targets for mining stocks, reflecting second-quarter results and company-specific announcements. The bank lowered its spot Bitcoin price assumption from $68,000 to $60,000 due to the decline in Bitcoin prices. It also raised its network hashrate assumption from 600 EH/s to 615 EH/s.
Our price targets generally decreased due to dilution in the number of shares, falling Bitcoin prices and increasing network hashrate. We maintain our positive outlook on Iris Energy (IREN) and Riot Platforms (RIOT), negative outlook on Marathon Digital (MARA), and neutral outlook on Cipher Mining (CIFR) and CleanSpark (CLSK).
Analysts expect stock gains and improved market sentiment for Riot Platforms and Iris Energy in the coming months. New cooled mining rigs installed at Riot’s Corsicana facility have increased the company’s production efficiency. JPMorgan also sees the recent decline in Iris Energy’s stock as a buying opportunity.
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