Jefferies analysts lowered the firm’s price targets for both Marathon Digital (NASDAQ🙂 and Argo Blockchain Plc (ARBK) due to the ongoing impact of the Bitcoin halving.
The investment firm’s note cites a “modest recovery” in June following the May slump, but highlights continuing challenges.
Despite a slight increase in Bitcoin price and decrease in network hash rate in June, Jefferies cut MARA’s target to $22 from $24 per share and ARBK’s target to $1.20 from $1.50.
The report details recent merger and acquisition activity, including Riot Blockchain’s (RIOT) rejected acquisition attempt of Bitfarms (BITF) and Cleanspark’s (CLSK) successful acquisition of GRIID Infrastructure (GRDI) to expand its hosting capacity.
Jefferies notes a strategic shift by some miners towards high-performance computing (HPC) and AI hosting due to the declining profitability of…
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