JPMorgan analyst Reginald Smith lowered the firm’s price target on Marathon Digital to $14 from $16.50 and keeps an Underweight rating on the shares. The firm updated its bitcoin miner models and price targets to reflect the Q1 results, increased 2024 hashrate targets and modest changes in spot bitcoin prices. The analyst is taking a less constructive view on a post-halving bitcoin rally, which drive lower December 2024 price targets and estimates. JPMorgan previously modeled a 30% stair-step increase in bitcoin in the months following the halving. However, it now sees a 15% stair-step increase in bitcoin price in Q3, as it believes a portion of the rally may have been pulled forward this cycle.
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