Mara Holdings upgraded to Neutral from Underweight at JPMorgan

JPMorgan upgraded Mara Holdings (MARA) to Neutral from Underweight with a price target of $23, up from $12. The firm updated its bitcoin miner price targets and models to reflect the Q3 results and increases in bitcoin price and the network hashrate. Mara has acquired 800 MW of self-mining capacity over the last 12 months, and today only trails Riot in terms of owned active power capacity, “which is impressive and goes a long way towards improving the company’s mining economics,” the analyst tells investors in a research note. JPMorgan says the shares “are rich” but seem “properly priced.”