CryptoMarketCap - Cryptocurrency Market Capitalizations logo CryptoMarketCap - Cryptocurrency Market Capitalizations logo
Seeking Alpha 2021-07-01 16:45:12

B. Riley boosts targets for Riot Blockchain and Marathon Digital, sees less competition

da-kuk/E+ via Getty Images The declines in network hash rates from China's crackdown on crypto mining is actually opening up opportunity for Riot Blockchain (RIOT) -3.7% and Marathon Digital (MARA) -2.9%, B. Riley says. As a result, analyst Lucas N. Pipes is boosting his price target on Riot to $51 from $45 and on Marathon to $54 from $47. Pipes has a Buy rating on both stocks. "While we believe that the (China) events also contributed to the softness in BTC prices, we argue the trend is actually bullish for North American miners since the subsequent decline in the network hash rate more than offset the price declines," he writes in a note. "In short, the sudden decrease in miner competition has created an enhanced profitability window for MARA and RIOT, which could drive outperformance versus street expectations over the next couple of quarters." "We believe that the events in China are particularly

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer