Rosenblatt analyst Chris Brendler lowered the firm’s price target on Mara Holdings (MARA) to $15 from $22 and keeps a Buy rating on the shares. Stubbornly high network competition has been an issue for Bitcoin miners throughout 2025 and the situation has “gone from bad to worse” with the sharp drop in BTC, the analyst tells investors. Although pure play miners will remain under pressure, the impact is limited for high-performance computing plays given “entirely uncorrelated and considerably more profitable HPC hosting opportunities,” the analyst added.
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