JPMorgan Chase upgrades ratings for several Bitcoin mining companies

JPMorgan Chase released its latest research report, based on the third quarter performance and the rise in Bitcoin prices and computing power, it has upgraded ratings for several Bitcoin mining companies. Among them, Cipher Mining and CleanSpark's ratings were raised from "neutral" to "overweight", with target prices of $8 and $17 respectively; MARA Holdings was upgraded from "underweight" to "neutral", with a target price increased from $12 to $23. As a result, Cipher rose more than 4% pre-market, CleanSpark rose 3.5%, and MARA rose over 2%. At the same time, the bank downgraded IREN's rating to "neutral", but raised its target price to $15 while maintaining an "overweight" rating for Riot Platforms with a revised target price of $16.