Compass Point analyst Chase White raised the firm’s price target on Marathon Digital to $16 from $10 and keeps a Buy rating on the shares. The firm is revising estimates to reflect the most recent bitcoin price and global hash rate forecasts now that most crypto miners in its coverage have reported earnings and Q1 bitcoin production. For 2023, the firm now expects bitcoin prices to average just over $29,000, up from $26,400 previously, and to exit the year at $35,000, versus a prior forecast of $30,000. The firm expects the market to start to rerate multiples higher for bitcoin miners given its view "that we are starting to see the green shoots of a crypto spring, especially in BTC."
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