Marathon Digital Holdings IncJPMorgan double-downgraded MARA to Underweight and cut its price target to $11 from $13.

JPMorgan downgraded MARA Holdings to Underweight from Neutral and cut its price target to $11 from $13, sending the Bitcoin miner's shares down 5.7% in pre-market trading to $11.30. The bank extended its target horizon to December 2027 and cited MARA's capital-light strategy through its joint venture with Starwood Digital Ventures, under which MARA contributes powered land sites while Starwood handles design, development, tenant sourcing and operations, leaving MARA with half the value created. The downgrade follows MARA's second-quarter 2026 results, when revenue fell to approximately $174.9 million, below Wall Street expectations of around $209 million, and the company posted a loss of $1.60 per share versus earnings of $1.84 per share a year earlier, partly on a fair-value loss on digital assets. MARA shares remain below their 52-week high of $23.45 and above their 52-week low of $6.66. The decline came as US equities traded lower, with the Nasdaq Composite down 1.7% and the S&P 500 falling 0.8%.
Marathon Digital Holdings IncJPMorgan double-downgraded MARA to Underweight and cut its price target to $11 from $13.
JPMorgan Chase & Co