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Seeking Alpha 2022-06-24 15:38:04

Marathon Digital soars after Cowen starts coverage, cryptos turn green

Marathon Digital Holdings (NASDAQ:MARA) shares gains 7% in the broader crypto market recovery on Friday, taking clues further from Cowen's coverage on the bitcoin miner. Analyst Stephen Glagola at Cowen started off coverage of Marathon Digital with Market Perform rating and $7 price target, flat to stock's last close. While he contends that the company has a differentiated, asset-light model that is advantageous for scaling mining rigs, he sees elevated operational and execution risk on its contracted 23.3 EH/s given its reliance on third-party suppliers, a lack of infrastructure control and the incremental capital required to reach its target. That comes right after B. Riley analyst Lucas Pipes on Thursday cut Marathon Digital (MARA) to Neutral from Buy due to lower bitcoin (BTC-USD) prices as well as repeated delays in the energization of miners in Texas. On May 04, Seeking Alpha Quant Analysis flagged warning on Marathon Digital at the high risk of performing badly,

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