JPMorgan Upgrades Bitcoin Miner IREN to Overweight and Downgrades Cipher Mining
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JPMorgan Upgrades Bitcoin Miner IREN to Overweight and Downgrades Cipher Mining

JPMorgan adjusts its price targets for bitcoin miners, upgrading IREN and downgrading Cipher Mining while maintaining cautious optimism for other stocks.

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Key Takeaways:

  • JPMorgan reduced price estimates for bitcoin miners by 19%-29%.
  • IREN upgraded to overweight, with its price target adjusted to $12 from $15; shares rose to $7.23.
  • Cipher Mining downgraded to neutral, with the previous $8 target now withdrawn; shares fell to $3.10.
  • Other companies like Riot Platforms and CleanSpark maintain their overweight ratings, albeit with lowered price targets.

JPMorgan’s analysis comes after the fourth-quarter 2024 results, reflecting broader industry trends affecting bitcoin’s value and network hashrate. The bank’s forecast adjustments represent significant shifts in its outlook for mining stocks, highlighting challenges in high-performance computing setups and an overall downturn in mining profitability.

Investment opportunity emerges as market pressures could create favorable buy-in moments for interested investors.

Read more: Bitcoin Mining Economics Weakened in February: JPMorgan

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