UPDATE: Jefferies Starts Marathon Digital Holdings (MARA) at Buy; 'On Pace to Become Largest Public BTC Miner'
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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."
Shares of Marathon Digital Holdings closed at $19.79 yesterday.
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