JPMorgan downgraded its MARA rating to underweight, causing MARA's stock price to fall by 3.57%

JPMorgan downgraded the rating of Bitcoin mining company MARA from overweight to underweight, and lowered its target price from $13 to $11. As a result, MARA's stock price fell by 3.57%, and its market value dropped to $4.456 billion. Analyst Richard Choe believes that MARA's strategy of establishing a joint venture with Starwood Capital and shifting some mining facilities to AI and high-performance computing data centers has the problem of diluting value creation, and some of the company's mining sites have small power capacity and are not suitable for transformation into data centers.