BTC miner Mara upgraded to "Overweight," while Iris and Riot downgraded: JP Morgan | CoinDesk JAPAN

• JP Morgan (JPMorgan) raised its rating on Mara Holdings (MARA Holdings) stock to "Overweight," while downgrading IREN and Riot Platforms stock to "Neutral."
• According to a JP Morgan report, the target stock prices for all miner stocks have been raised to reflect the increase in Bitcoin prices and the improvement in mining profit margins.
• JP Morgan currently shows a preference for companies that specialize in pure mining operations rather than those that are entering the HPC (High-Performance Computing) related business.

Major U.S. bank JP Morgan reviewed the ratings and target stock prices of a series of Bitcoin (BTC) mining company stocks at the beginning of the week.

In order to reflect the performance of the second quarter and changes in the Bitcoin network's hash rate and Bitcoin price, JP Morgan conducted a review of its ratings, raising the rating of Mara Holdings to "Overweight" and adjusting the target stock price upward from $19 to $22. This represents an increase of about 30% from the closing price of $17.25 on July 25.

On the other hand, Ailen was downgraded from "Overweight" to "Neutral," but the target stock price was raised from $12 to $16.

Riot Platforms has been downgraded from "Overweight" to "Neutral," and the target price has been raised from $14 to $15.

CleanSpark, rated overweight, is a top pick by JP Morgan, with its target stock price raised from $14 to $15. This indicates an increase of about 30% from the closing price of $12 on the 25th.

The new target stock price for Cipher Mining, which has not yet been evaluated, is set at $6.

"In the course of the review of evaluations, we have decided to better support pure mining operators within our coverage area. They hold the highest relative value and are in the best position to benefit from the rise in Bitcoin prices," said analysts Reginald Smith and Charles Pearce.

Analysts further explained that they raised the target stock prices of miners, reflecting the rise in Bitcoin prices and the improvement in mining profitability.

As of the time of writing this article, Bitcoin is trading around $118,700.

[Recommended Reading] What is Bitcoin

Purchase Bitcoin

Bitcoin Exchange