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JPMorgan, following the fourth quarter of 2024 data, has updated its price targets and forecasts for the Bitcoin 
$103,753 mining sector. The bank adjusted its predictions not only for Bitcoin price fluctuations but also for the growth of the network’s hashrate.
Adjustments in Price Targets
JPMorgan raised its evaluation of IREN, a company it prioritizes in the sector, from neutral to positive. However, it lowered the price target for IREN from $15 to $12. In contrast, Cipher Mining was downgraded from overweight to neutral, while Riot Platforms and CleanSpark maintained their overweight ratings. Changes were noted in the price targets set for these companies.
JPMorgan’s Predictions
The bank reiterated its neutral stance on MARA Holdings, adjusting its price target down from $23 to $18. It observed a nearly 10% decrease in Bitcoin price assumptions coupled with an 80% increase in hashrate growth forecasts. This scenario led to a significant decline in the total market value of the sector.
The bank’s report highlighted that the total market value of five mining stocks had decreased by over 20% since the beginning of the year, with Bitcoin price dropping by 11%. The report indicated that mining stocks were facing economic challenges due to delays in high-performance computing agreements.
JPMorgan: “The decline in mining stocks presents an attractive entry point for market participants.”
These adjustments were made with the belief that they could impact the risk and return balance due to changing market conditions. The bank noted that if investors show interest in the sector during this downturn, they could potentially reap long-term gains.
The updated price targets reflect the economic pressures in the sector and the changing dynamics of mining. JPMorgan’s current assessments aim to provide an overall perspective on the financial performance of mining companies.
