Yahoo Finance·2025-11-24 13:15Core Viewpoint - JPMorgan is enhancing its outlook on U.S.-listed bitcoin miners due to a shift towards high-performance computing (HPC) deals, which are expected to provide long-term revenue clarity [1][3]. Company Summaries - Cipher Mining (CIFR) has been upgraded to overweight from neutral, with a price target increase from $12 to $18, reflecting a 4.2% rise in early trading to $14.74 [1]. - CleanSpark (CLSK) was also upgraded to overweight from neutral, with shares rising 4.6% in pre-market trading to $10.18 [1]. - IREN's price target was raised to $39 from $28, while maintaining an underweight rating; shares increased by 2.2% to $43.20 [2]. - MARA Holdings (MARA) and Riot Platforms (RIOT) saw their price targets reduced due to lower bitcoin prices, with MARA's target cut to $13 from $20 and RIOT's to $17 from $19; MARA shares rose 2.8% to $10.35 and RIOT gained 1.8% to $12.94 [2]. Industry Insights - JPMorgan noted over $19 billion in contracted revenue across 600 megawatts (MW) of IT capacity signed by IREN and Cipher, indicating a shift from bitcoin-only operations to hybrid HPC models [3]. - The bank anticipates approximately 1.7 gigawatts (GW) of critical IT capacity across its coverage by late 2026, primarily driven by IREN and Cipher [3]. - Cipher's recent 45% pullback from highs presents a strong entry point, supported by 600 MW of contracted capacity with major clients like AWS and Fluidstack [4]. - CleanSpark's upgrade reflects around 200 MW of potential HPC capacity at its new Texas site [4]. - The analysts have assigned higher equity values per megawatt, estimating $8 million to $17 million for colocation and up to $19 million for integrated cloud services, influenced by lower discount rates and improved cash-flow visibility [4]. - Riot and CleanSpark exhibit significant upside potential under a full HPC conversion, while Cipher retains the largest long-term optionality when considering unapproved future capacity [5].