JPMorgan upgrades Cipher and CleanSpark ratings, lowers target prices for MARA and Riot
Jinse Finance reported that JPMorgan has recently released an industry report, providing a comprehensive rating adjustment for bitcoin mining companies and data center operators transitioning to high-performance computing (HPC), indicating that the industry is entering a "high-certainty phase of HPC/cloud computing transformation." Since the end of September, mining companies have signed more than 600 MW of long-term AI/HPC contracts, including collaborations with giants such as AWS, Google-backed Fluidstack, and Microsoft. JPMorgan expects that by the end of 2026, mining companies will announce plans to build approximately 1.7 GW of critical IT load, accounting for about 35% of approved power capacity. The rating changes are as follows: Cipher Mining: upgraded to Overweight, target price $18 (previously $12); CleanSpark: maintained at Overweight, target price $14; IREN: target price $28 → $39, but still maintained at Underweight; MARA: target price $20 → $13; Riot: target price $19 → $17. JPMorgan expects mining companies to add 1.7 GW of critical HPC IT capacity before 2026.
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