Jefferies Says Marathon Digital Has Near 160% Upside Potential, Initiates Coverage

Jefferies Says Marathon Digital Has Near 160% Upside Potential, Initiates Coverage
Marathon Digital (MARA) is on pace to become the largest publicly listed bitcoin miner this year, Jefferies said in a note on Friday. The bank’s analyst also started coverage with a 12-month price target of $51, implying a 158% increase from recent close.“MARA is on track to be the largest publicly-traded miner by the end of 2022, with deposits paid on more BTC ASIC miners than any of its peers,” analyst Jonathan Petersen wrote.Marathon is “highly profitable” despite the recent selloff as the company’s mining margin is around 80%, compared to about 90% in November, according to the note.“We estimate…