Marathon Digital price target raised to $23 from $14.30 at Bernstein

Bernstein analyst Gautam Chhugani raised the firm’s price target on Marathon Digital to $23 from $14.30 and keeps a Market Perform rating on the shares. Bitcoin miners have had a mixed run for 2024, relative to the “spectacular rally” for bitcoin, which is up 53% year-to-date. The firm says the top 3 U.S. listed miners today control 10% of total network hashpower, with a combined market cap of $13B. With a new bitcoin “bull cycle,” strong exchange traded funds inflows, aggressive miner capacity expansion, and all-time-high miner revenues, the bitcoin miners are “compelling buys for equity investors seeking exposure to the crypto cycle.” Bernstein updated models for new network hashrates, the impact of halving and new capacity additions by miners.