JPMorgan Flips on Bitcoin Miners: Upgrades IREN, Downgrades MARA
JPMorgan has made significant changes to its ratings on two Bitcoin mining companies, IREN Ltd. (IREN) and MARA Holdings Inc. (MARA).
The bank upgraded IREN from 'Underweight' to 'Overweight', citing its strategic partnership with Nvidia and its vertical integration in the AI Cloud Services business.
According to JPMorgan, IREN's unique approach sets it apart from other mining competitors, as it owns the land, connections to the power grid, builds and runs data centers, buys GPUs, and sells compute directly to customers.
The bank sees roughly 51% upside for IREN stock from Friday's close of $43, with a price target raised from $46 to $65 by analyst Richard Choe.
On the other hand, JPMorgan downgraded MARA from 'Overweight' to 'Underweight', citing its 'capital-light strategy' and failure to redirect existing power capacity to high-powered compute.