Shares of Bitcoin miner MARA fell 3.57% on Sept. 14, pushing its market capitalization down to $4.456 billion, according to BIT (Bit.com) market data. The move came as JPMorgan downgraded the company from Overweight to Underweight and lowered its price target from $13 to $11. Analyst Richard Choe said MARA’s strategy of forming a joint venture with Starwood Capital and shifting part of its mining facilities toward AI and high-performance computing data centers could dilute value creation. He also said some of the company’s mining sites have limited power capacity, making them less suitable for conversion into data centers.
Bitcoin miner MARA fell 3.57% on Sept. 14, bringing its market capitalization down to $4.456 billion, according to BIT (Bit.com) market data.
On the news side, JPMorgan cut its rating on MARA to Underweight from Overweight and lowered its price target to $11 from $13.
Analyst Richard Choe said MARA’s strategy of forming a joint venture with Starwood Capital and shifting part of its mining facilities to AI and high-performance computing data centers may raise concerns about diluted value creation. He added that some of the company’s mining sites have relatively small power capacity and are not well suited for conversion into data centers.
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