UPDATE: Jefferies Starts Marathon Digital Holdings (MARA) at Buy; 'On Pace to Become Largest Public BTC Miner'

January 28, 2022 3:22 AM EST
Get Alerts MARA Hot Sheet
Price: $5.34 --0%

Rating Summary:
    8 Buy, 2 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 3 | Down: 10 | New: 10
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(Updated - January 28, 2022 8:12 AM EST)

Jefferies analyst Jonathan Petersen initiates coverage on Marathon Digital Holdings (NASDAQ: MARA) with a Buy rating and a price target of $51.00.

The analyst commented, "Marathon Digital is on pace to become the largest public BTC miner (EH/s) in 2022. The recent selloff in the BTC price moderates the revenue growth outlook, but we still expect ~80% mining margins and a 12-18 month payback period on recent ASIC miner purchases. We estimate that BTC will rise at a +32% CAGR through '24 and that MARA's revenue and EBITDA will rise at a +120% and +95% CAGR, respectively. As such, we view the miners as a better investment than BTC."

For an analyst ratings summary and ratings history on Marathon Digital Holdings click here. For more ratings news on Marathon Digital Holdings click here.

Shares of Marathon Digital Holdings closed at $19.79 yesterday.


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