JPMorgan analyst Reginald Smith upgraded CleanSpark (CLSK) to Overweight from Neutral with a price target of $17, up from $10.50. The firm updated its bitcoin miner price targets and models to reflect the Q3 results and increases in bitcoin price and the network hashrate. CleanSpark shares have declined around 1% over the past month versus a 24% increase in bitcoin price and 15% increase in the aggregate market cap of the bitcoin mining coverage universe, “which feels overly punitive,” the analyst tells investors in a research note.
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