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Investing.com - JPMorgan upgraded MARA Holdings Inc (NASDAQ:MARA) from Neutral to Overweight on Monday, while raising its price target to $22.00 from $19.00. The stock, currently trading at $17.25, is fairly valued according to InvestingPro analysis, with analyst targets ranging from $13 to $34.
The upgrade reflects JPMorgan’s assessment that MARA’s share price does not adequately reflect the company’s revised year-end 2025 hashrate target of 75 EH/s, even after accounting for capital expenditure requirements.
JPMorgan noted that MARA’s "infrastructure light approach" has historically focused on maximizing investment in revenue-generating assets such as ASIC miners rather than power infrastructure and data centers.
This strategy previously resulted in a relatively high variable cost base due to power prices and hosting fees, according to the investment bank’s analysis.
JPMorgan highlighted that MARA has begun operating its own mining facilities through several recent acquisitions, a shift that is improving the company’s mining economics.
In other recent news, MARA Holdings, Inc. successfully closed an upsized offering of $950 million in convertible senior notes due in 2032. The notes, which carry a zero percent interest rate, were sold to qualified institutional buyers, and the company has provided an option for initial purchasers to buy up to an additional $200 million in notes. This follows a previous announcement where MARA had initially planned to offer $850 million in notes, with an option for an additional $150 million. The offering is part of MARA’s strategy to enhance its financial structure, focusing on convertible senior notes as a funding mechanism.
In analyst news, Piper Sandler has increased its price target for MARA Holdings to $26, maintaining an Overweight rating. The firm cited MARA’s focus on bitcoin mining and its significant treasury position as reasons for the upgraded target. Piper Sandler noted that MARA stands out as the only bitcoin mining company in its coverage that has not pursued AI or high-performance computing deals. These developments highlight MARA’s strategic initiatives and its positioning within the bitcoin mining sector.
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