JPMorgan Is Bullish on This Bitcoin Miner
03/13/2025 22:44
JPMorgan claims that the shares of this Bitcoin miner could rally by 70%
JPMorgan claims that the shares of this Bitcoin miner could rally by 70%
Banking behemoth JPMorgan believes that the shares of Bitcoin miner IREN (IREN) could potentially surge by 70%, according to a recent report by CNBC. The stock has now been upgraded to overweight.
The stock is down by more than 33% on a year-to-date basis. It has substantially underperformed due to Bitcoin's massive price correction.
However, JPMorgan's Reginald Smith is convinced that the stock has been "overly punished." At its current price, the analyst views it as an "attractive entry."
As for some other key Bitcoin mining players, JPMorgan lowered its rating on the Cipher Mining (CIFR) stock to neutral.
JPMorgan remains bullish on CleanSpark (CLSK) and Riot Platforms (RIOT), with both of these stocks retaining their overweight ratings.
According to a recent report by JPMorgan, publicly traded Bitcoin mining companies have lost more than $20 billion over the past month.