Benzinga·2025-11-24 18:39Core Insights - Cipher Mining Inc. and CleanSpark Inc. received upgrades from JPMorgan following a refreshed outlook on Bitcoin miners and adjustments to price targets for legacy operators [1][4][6] Group 1: Market Outlook - JPMorgan analysts noted a significant shift towards high-power computing (HPC) among miners, with over 600 megawatts of AI-related deals signed since late September [2] - The bank anticipates miners will announce approximately 1.7 gigawatts of additional critical-IT capacity by late 2026, which would represent about 35% of their approved power footprint [2][3] Group 2: Cipher Mining Inc. - Cipher Mining was upgraded to Overweight from Neutral, with its price target raised to $18 from $12, attributed to recent 410-megawatt HPC contracts and a 45% pullback in share price [4] - The company is expected to secure around 480 megawatts of critical-IT capacity by 2026, equating to roughly 64% of its approved footprint [4][5] - Long-duration sites planned for 2028-2029 could enhance valuations if the company successfully transitions to full HPC [5] Group 3: CleanSpark Inc. - CleanSpark was also upgraded to Overweight, with a reiterated price target of $14, supported by the potential of its new 285-megawatt Texas site, which is assigned roughly 200 megawatts of critical-IT capacity [6][7] - The capacity at the Texas site is valued at about $13 million per megawatt, reflecting a stronger revenue profile from high-density IT loads [6] Group 4: Other Companies - IREN Limited's price target was increased to $39 from $28 following a $9.7 billion cloud-capacity deal, with an expected 660 megawatts of contracted critical-IT load by 2026 [8][9] - Price targets for MARA Holdings Inc. and Riot Platforms Inc. were cut due to falling Bitcoin prices and rising network hashrate, with MARA's target reduced to $13 from $20 and Riot's to $17 from $19 [10][11]