Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilise affiliate links within our content, and receive commission.
The major Wall Street investment bank JPMorgan has adjusted its price targets and ratings for several Bitcoin mining stocks, including CleanSpark and Riot Platforms.
The adjustment in ratings came in response to the recent surge in Bitcoin’s price and the hashrate of the Bitcoin network, along with relevant news specific to each company, according to a research report released on Friday that was reported on by CoinDesk.
Given the 12% increase in Bitcoin prices and a 2% rise in the network hashrate since the bank’s last review, JPMorgan raised the spot BTC price used in its calculations to $44,000 from $38,000.
At the same time, the bank also increased its baseline network hashrate assumption to 485 EH/s, up from 475 EH/s during the last review.
The Bitcoin network’s hashrate has trended up throughout 2023, and stood at 470 EH/s at the time of publication on Monday.
Bitcoin hashrate in 2023. Source: Bitinfocharts
In the updated assessments, JPMorgan downgraded CleanSpark, which is listed on Nasdaq with the ticker CLSK, to a “neutral” rating from “overweight,” lowering its price target on the stock to $8 from $9.
The bank justified this move by highlighting that CleanSpark shares had surged over 130% in the past month, reaching what the bank considers fair valuation.
Conversely, Riot Platforms (RIOT) saw an upgrade from “underweight” to “neutral,” accompanied by an increased price target of $12, up from $8.
Meanwhile, JPMorgan maintained its “overweight” rating on Iris Energy (IREN), emphasizing its status as the top pick in the sector.
The bank also raised its price target for Iris Energy to $9.50 from $9.
JPMorgan optimistic about Bitcoin ETF
Back in October this year, a JPMorgan report by analyst Nikolaos Panigirtzoglou reiterated that the SEC will likely approve multiple spot bitcoin ETFs within 2023, and warned that the SEC is likely to be challenged in court if it decides to reject the ETFs.
“We believe that a new legal battle on the issue of spot bitcoin ETF approval is not something that the SEC would be willing to face again,” Panigirtzoglou said at the time.
In the past, Bloomberg Intelligence analysts Eric Balchunas and James Seyffart have stated that they believe there is a 90% chance of an ETF approval by the SEC by January next year.
can i get cheap clomid without prescription generic clomid 100mg cost cheap clomiphene without insurance where to buy cheap clomid tablets where to get clomiphene pill clomid prescription cost where to get cheap clomid no prescription
Thanks on sharing. It’s top quality.
This is the description of topic I get high on reading.
azithromycin 500mg over the counter – cheap sumycin 500mg metronidazole 400mg cost
buy rybelsus generic – buy rybelsus 14mg pills order cyproheptadine 4mg generic
domperidone cost – motilium 10mg canada oral flexeril 15mg
amoxil generic – buy amoxil without prescription ipratropium 100 mcg oral
augmentin for sale online – atbioinfo acillin canada
esomeprazole canada – nexium to us nexium 20mg usa
warfarin generic – blood thinner losartan 50mg canada
where to buy meloxicam without a prescription – mobo sin order mobic 7.5mg
prednisone 5mg price – arthritis order prednisone 5mg
herbal ed pills – generic ed pills ed pills
amoxil ca – https://combamoxi.com/ amoxil medication
order diflucan 100mg for sale – where to buy fluconazole without a prescription purchase diflucan without prescription
cenforce 100mg ca – https://cenforcers.com/ buy cenforce sale
cheap cialis 20mg – https://ciltadgn.com/ cialis 10mg ireland
buy ranitidine 150mg generic – https://aranitidine.com/# order ranitidine 300mg for sale
tadalafil long term usage – https://strongtadafl.com/# what doe cialis look like
buy viagra nhs – how much does 50 mg viagra cost buy viagra in mexico
Good blog you possess here.. It’s intricate to on strong quality article like yours these days. I really recognize individuals like you! Rent guardianship!! https://ursxdol.com/propecia-tablets-online/
This is the stripe of content I take advantage of reading. https://aranitidine.com/fr/en_ligne_kamagra/
Greetings! Very gainful recommendation within this article! It’s the scarcely changes which wish turn the largest changes. Thanks a a quantity in the direction of sharing! https://ondactone.com/simvastatin/