Key Takeaways
- • Morgan Stanley cut price targets on MARA Holdings, Riot Platforms, Galaxy Digital (GLXY) and Cipher Mining, citing concerns about AI-related credit exposure, while raising targets on Hut 8 and TeraWulf.
- • Per the Stocktwits headline, the analyst still sees more than 100% upside in the reduced target for the affected names, indicating the revision is a recalibration rather than a negative rating call.
- • Bernstein separately cut its MARA price target to $17 from $23, citing revenue concerns, according to a TradingView-linked report.
- • MARA rose 14% on a Friday as bitcoin approached $81,000, but the 14 analysts covering the stock remain divided, according to a separate market report.
- • The divergence in Morgan Stanley's revisions highlights how the sell side is differentiating among bitcoin miners pivoting toward AI and high-performance computing infrastructure.
Summary
Morgan Stanley reduced its price targets on several bitcoin miners and digital infrastructure companies, including MARA Holdings, Riot Platforms, Galaxy Digital and Cipher Mining, citing concerns tied to AI-related credit exposure, according to a Stocktwits report. The firm simultaneously raised its targets on Hut 8 and TeraWulf, signaling a selective rather than sector-wide reassessment. Despite the cuts, the report indicates that Morgan Stanley's revised target for at least one of the names still implies upside of more than 100% from current levels.
The revisions come as miners increasingly pivot toward AI and high-performance computing hosting, a shift the market has rewarded unevenly. Separately, Bernstein cut its price target on MARA to $17 from $23, while maintaining its rating, with the revision tied to revenue concerns, according to a TradingView-linked report. Morgan Stanley's broader coverage has also highlighted AI infrastructure as a theme, with the firm recently naming 12 AI bottleneck stocks offering at least 40% upside amid continued hyperscaler capital expenditure growth.
Market reaction has been mixed. MARA shares rose 14% on a recent Friday as bitcoin surged toward $81,000, yet coverage among the 14 analysts following the stock remains divided, according to a separate market report. Earlier coverage of Morgan Stanley's WULF target increase noted a $72 price target implying roughly 242% upside from the prior session's opening price, underscoring the wide valuation spread across the group. Full details of Morgan Stanley's rationale for the AI credit concerns were not available in the sources reviewed.
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The revisions come as miners increasingly pivot toward AI and high-performance computing hosting, a shift the market has rewarded unevenly. Separately, Bernstein cut its price target on MARA to $17 from $23, while maintaining its rating, with the revision tied to revenue concerns, according to a TradingView-linked report. Morgan Stanley's broader coverage has also highlighted AI infrastructure as a theme, with the firm recently naming 12 AI bottleneck stocks offering at least 40% upside amid continued hyperscaler capital expenditure growth.
Market reaction has been mixed. MARA shares rose 14% on a recent Friday as bitcoin surged toward $81,000, yet coverage among the 14 analysts following the stock remains divided, according to a separate market report. Earlier coverage of Morgan Stanley's WULF target increase noted a $72 price target implying roughly 242% upside from the prior session's opening price, underscoring the wide valuation spread across the group. Full details of Morgan Stanley's rationale for the AI credit concerns were not available in the sources reviewed.
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