Piper Sandler initiated coverage of Mara Holdings (MARA) with an Overweight rating and $34 price target The firm calls Mara its favorite pure play bitcoin miner. Mainstream crypto sentiment, particularly around bitcoin, is improving, and the trend should continue with greater regulatory clarity and a more crypto-friendly SEC under the incoming Trump administration, the analyst tells investors in a research note. Piper expects the price of bitcoin to rise, leading to expanded profitability and larger bitcoin treasuries for bitcoin miners. Mara is the industry leader in bitcoin mining capacity and boasts the second-largest corporate bitcoin treasury globally, the firm adds.
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