Why DA Davidson Sees 49% Upside In This Crypto Miner?

• DA Davidson analyst Christopher Brendler initiated coverage of Marathon Digital Holdings Inc (NASDAQ: MARA) with a Buy rating and $65 price target, implying a 49.12% upside, as part of a broader research note on crypto mining.

• The company's focus on leveraging hosting partners allowed them to purchase over 130,000 top-of-the-line machines, Brendler notes.

• Brendler further notes that Marathon's new rigs are already coming online, and its top line will likely grow by over 100%, but the stock's enterprise value is at just 4-times FY23E EBITDA.

• Marathon Digital Holdings Inc focuses on mining digital assets.

• Related Content: US Replaces China As World's Epicenter For Bitcoin Mining: Report

• Price Action: MARA shares traded higher by 3.92% at $45.3 in the premarket session on the last check Friday.

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