Mara Holdings price target lowered to $16 from $18 at Clear Street

Clear Street lowered the firm’s price target on Mara Holdings (MARA) to $16 from $18 and keeps a Hold rating on the shares. The firm is lowering its 2025-2027 revenue estimates by about 13% and adjusted EBITDA by about 25% to reflect bitcoin at $104,000. While stating that Mara Holdings shifting from an asset-light miner to a vertically integrated operator is a “sound” strategy, the firm notes that execution trails peers by roughly a year.