Piper Sandler cuts MARA price target to $11 from $13, keeps Overweight
- —Price target cut to $11 from $13; Overweight rating maintained
- —Q2 revenue fell 27% year over year to $174.9 million
- —Net loss reached $611.3 million; adjusted EBITDA was negative $360.9 million
- —Hashrate rose 22% to 70.3 EH/s; 2,422 BTC mined in the quarter
Why it matters: The downgrade highlights pressure on mining economics after the drop in BTC prices, which could accelerate consolidation in the sector.
Source: TokenPost