JP Morgan raises rating for mining company Riot Platforms and downgrades mining company CleanSpark

On December 8th, as reported by CoinDesk, JPMorgan (JPM) stated in a research report on Friday that it is adjusting the price targets and ratings of Bitcoin mining stocks to reflect the recent surge in Bitcoin BTC, network computing power, and other company-specific news.

The bank downgraded CleanSpark's (CLSK) rating from overweight to neutral and lowered its stock price target from $9 to $8, citing the stock's rise of over 130% in the past month, making it now reasonably valued.

Riot Platforms (RIOT) was upgraded from underweight to neutral and its stock price target was raised from $8 to $12.

JPMorgan still maintains an overweight rating on Iris Energy (IREN), which is the preferred stock in the industry, and raised its price target from $9 to $9.50.