JPMorgan Upgrades Cipher Mining and CleanSpark, Cuts MARA and Riot Price Targets

JPMorgan upgraded Cipher Mining to Overweight with a price target of $18, up from $12, and maintained CleanSpark at Overweight with a $14 target in a Nov. 25 industry report, BlockBeats reports. The investment bank raised IREN's price target from $28 to $39 while maintaining its Underweight rating, but lowered MARA's target from $20 to $13 and Riot's from $19 to $17. Mining firms have signed over 600 MW in long-term AI and high-performance computing contracts with partners including AWS, Google-backed Fluidstack, and Microsoft since late September. JPMorgan projects miners will announce approximately 1.7 GW of critical IT load construction plans by end-2026, representing about 35% of approved power capacity.