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Cipher Mining Inc. (NASDAQ:CIFR) and CleanSpark Inc. (NASDAQ:CLSK) were upgraded on Monday after JPMorgan refreshed its Bitcoin (CRYPTO: BTC) miner outlook and trimmed price targets for several legacy operators.
JPMorgan analysts Reginald Smith and Charles Pearce said miners are entering a "higher-conviction" phase of high-power compute transitions as more than 600 megawatts of long-term AI-related deals were signed since late September.
The bank expects miners to announce roughly 1.7 gigawatts of additional critical-IT capacity by late 2026 — equal to about 35% of their approved power footprint.
Their report emphasized the sector's ability to convert power assets into long-duration HPC revenue as a defining advantage over traditional mining models.
Cipher Mining was raised to Overweight from Neutral, with its December 2026 price target lifted to $18 from $12.
The analysts pointed to Cipher's recent 410-megawatt HPC contracts and a share-price pullback of about 45% from recent highs, calling the level an attractive entry point.
The bank expects Cipher to secure about 480 megawatts of critical-IT capacity by 2026, representing roughly 64% of its approved footprint.
JPMorgan said long-duration sites planned for 2028–2029 could support higher valuations if the company executes a full HPC transition.
CleanSpark was also upgraded to Overweight, with JPMorgan reiterating its $14 price target.
The analysts assigned roughly 200 megawatts of critical-IT potential to the company's new 285-megawatt Texas site.
They valued that capacity at about $13 million per megawatt, reflecting the stronger revenue profile of high-density IT loads.
CleanSpark has become a prominent beneficiary of the HPC migration theme, with several large-scale operators shifting portions of their power toward cloud-compute contracts.
JPMorgan boosted its price target for IREN Limited (NASDAQ:IREN) to $39 from $28 following the company's $9.7 billion Microsoft cloud-capacity deal disclosed earlier this month.
The analysts now model 660 megawatts of contracted critical-IT load by 2026, equal to about 250,000 GPUs and roughly $6 billion in annualized cloud-services revenue.
Despite the higher target, the rating remained Underweight, with the bank arguing that the stock already reflects much of its expected HPC expansion.
IREN traded around $48.16 up 13.8% on Monday morning.
JPMorgan cut its price target for MARA Holdings Inc. (NASDAQ:MARA) to $13 from $20 due to pressure from falling bitcoin prices and a rising network hashrate.
The firm also pointed to MARA's larger fully diluted share count driven by ATM issuance and convertible notes.
The valuation of MARA's mining business was reduced from roughly $2.5 billion to $1.3 billion.
The bank also lowered its target for Riot Platforms Inc. (NASDAQ:RIOT) to $17 from $19.
Analysts expect Riot's Corsicana site to include a 600-megawatt colocation deal, representing roughly one-third of its approved power capacity.
They also reduced the valuation of Riot's mining business to about $1 billion, reflecting a more conservative outlook.
CLSK Price Action (Source: TradingView)
CLSK trades near $11.15, up about 14.6% on Monday, after rebounding from its long-term ascending trendline.
The structure has served as reliable support for more than a year, and today's move confirms firm buyer interest at that level.
Price remains under the 20-, 50-, 100- and 200-day EMAs clustered between $12.42 and $14.32.
A sustained close above this zone is needed to reverse short-term momentum.
Immediate resistance sits at $12.4, followed by $14 to $15.
Losing the trendline may expose the $10 support area.
CIFR Price Forecast (Source: TradingView)
CIFR trades near $16.77, up about 18.6%, after bouncing from its rising trendline near $14.
The recovery keeps the sequence of higher lows intact and reinforces the broader bullish staircase.
Price has reclaimed the 20-day EMA at $15.89, with the 50-day EMA near $16.91 as the next key level.
A breakout above that area may open a run toward the upper Bollinger Band near $24.62. Support remains in the $14 to $15 band.
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