Piper Sandler raises MARA stock price target to $26 on bitcoin mining focus

Investing.com - Piper Sandler has raised its price target on MARA Holdings Inc (NASDAQ:MARA) to $26.00 from $23.00 while maintaining an Overweight rating on the bitcoin mining company. The stock, currently trading at $19.53 with a market capitalization of $6.89 billion, has demonstrated strong momentum with impressive returns over recent periods, according to InvestingPro data.

The research firm highlighted MARA’s position as a pure-play bitcoin miner with the second largest treasury behind Michael Saylor’s Strategy (MSTR), noting that MARA is the only bitcoin mining company in their coverage that has not actively pursued AI/HPC deals. The company has shown robust revenue growth of 40.57% over the last twelve months, though InvestingPro analysis indicates challenges with cash burn and profitability.

Piper Sandler increased its earnings per share estimates for MARA to $1.84 for 2025 and $0.82 for 2026, up from previous estimates of $1.42 and $0.41 respectively.

The new $26 price target represents approximately 8.0x Piper Sandler’s 2026 sales estimate for the company, which remains unchanged from their previous valuation model.

The firm identified several risk factors for MARA, including potential cryptocurrency regulation changes, bitcoin price volatility, rising energy prices, and difficulties in acquiring new power assets.

In other recent news, Marathon Digital Holdings announced significant developments in their operations and strategic initiatives. UBS has raised its price target for Marathon Digital Holdings to $203, up from $175, while maintaining a Buy rating. UBS also adjusted its earnings per share estimate for the second quarter of 2025 to $3.03, with expectations of higher refining earnings driving this revision. In a strategic move, Marathon Digital appointed Nir Rikovitch as Chief Product Officer to lead its product strategy and commercialization efforts. The company is targeting a hashrate of 75 exahash per second by the end of 2025, indicating over 40% growth from 2024 levels. Additionally, Marathon Digital and TAE Power Solutions are collaborating to develop an advanced energy system aimed at managing energy demands in data centers and cryptocurrency mining operations. This partnership will focus on creating a 10MW clean energy storage network. Furthermore, Marathon Digital was among several cryptocurrency-related companies that saw gains following Circle Internet Group’s successful IPO. These developments underscore Marathon Digital’s ongoing efforts to enhance its operational capabilities and strategic positioning in the industry.

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