(CoinDesk) Jefferies analyst Jonathan Petersen expects Marathon Digital stock to rise 158% to $51 in 2022, propelling the company to be the largest listed Bitcoin miner.
Petersen says Marathon is very profitable despite the recent plunge, with the firm’s mining margin about 80%, from 90% in November.
The analyst sees a 32% CAGR upside for BTC through ’24 while also projecting Marathon’s revenue to surge by 120%, while EBITDA will jump by 95% CAGR.
The rating happens after, on December 29, Marathon said it expects to have 199,000 operational miners that will generate 23.3 exahashes per second by the start of 2023.
Marathon’s stock hit a peak in November and has since fallen by 74% following sharp sell-off in cryptocurrencies.
MARA: NASDAQ is up +3.01%.
