JPMorgan Downgrades Marathon Digital to Underweight, Cuts Price Target to $11

JPMorgan has lowered its investment rating for Nasdaq-listed Bitcoin miner Marathon Digital (MARA) from Overweight to Underweight and cut its price target from $13 to $11. The report stated that while Marathon is pursuing a large-scale data center construction project with U.S. private equity firm Stonehill Capital, converting some mining facilities into AI and high-performance computing data centers could dilute value creation. Additionally, certain mining sites have relatively low power capacity, making them unsuitable for conversion to data centers.

As a result, MARA shares declined more than 3%, currently trading at $11.80, down 1.79% from the previous close.