Mara Holdings initiated with a Buy at Rosenblatt

Rosenblatt analyst Chris Brendler initiated coverage of Mara Holdings (MARA) with a Buy rating and $19 price target Mara Holdings is the undisputed market leader among public miners, and it has taken full advantage of its industry-leading scale, the analyst tells investors in a research note. More importantly, the company now owns most of its 1.5 GW power portfolio across 16 sites worldwide, which should continue to drive improving gross margins, the firm states. Rosenblatt adds that Mara is among the most levered names to its bullish Bitcoin views, even though the stock has underperformed due to macro concerns about interest rates and its aggressive share issuance.