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

·1 min read
  • 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.

Latest Ratings for MARA

Oct 2021

DA Davidson

Initiates Coverage On

Buy

Sep 2021

B. Riley Securities

Maintains

Buy

Jun 2021

Compass Point

Initiates Coverage On

Buy

View More Analyst Ratings for MARA
View the Latest Analyst Ratings

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