Wall Road large JPMorgan (JPM) turned extra bullish on some bitcoin (BTC) mining shares in its protection following third quarter outcomes and up to date features in bitcoin worth and the community hashrate, the financial institution mentioned in a report on Tuesday.

The financial institution upgraded Cipher Mining (CIFR) and CleanSpark (CLSK) to obese from impartial. JPMorgan additionally launched a brand new worth $8 worth goal for Cipher, and raised its CleanSpark worth goal to $17 from $10.50.

MARA Holdings (MARA) was additionally upgraded to impartial from underweight and raised its worth goal on the inventory to $23 from $12.

The U.S. financial institution downgraded IREN (IREN) to impartial from obese whereas growing its worth goal on the shares to $15 from $9.50.

It raised its Riot Platforms (RIOT) worth goal to $16 from $9.50, whereas sustaining its obese ranking on the corporate.

The financial institution mentioned it was introducing a brand new sum-of-the-parts (SOTP) valuation framework for the miners, which took under consideration firm’s mining operations, their respective land and energy portfolios, and their hodl stability to mirror any bitcoin that the companies might maintain on their stability sheet.

Cipher rose over 4% in early buying and selling Tuesday, CleanSpark gained round 3.5%, MARA climbed over 2%, RIOT was virtually 2% larger, and IREN was 0.4% higher.

Learn extra: Bitcoin Mining Profitability Improved in November, JPMorgan Says