Rosenblatt Keeps Buy on MARA, Lowers Price Target to $15

Rosenblatt Securities has maintained a Buy rating on MARA Holdings (MARA) while cutting its 12-month price target to $15. The firm’s adjustment reflects a more cautious near-term outlook for the cryptocurrency mining sector amid ongoing bitcoin price volatility and margin pressure for miners.

According to Rosenblatt, the reduction in the price target is driven by near-term headwinds that could compress mining margins and increase capital intensity. Factors cited include swings in digital-asset prices, rising or uncertain energy and hosting costs, and competitive dynamics as mining capacity grows. Those pressures can reduce near-term earnings and limit upside from current share levels, prompting the analyst team to temper expectations while keeping a constructive stance on the company’s longer-term prospects.

Despite trimming the price objective, Rosenblatt’s Buy recommendation signals continued confidence in MARA’s strategic position in the industry. The firm points to MARA’s operational scale and potential benefits from any sustained recovery in bitcoin prices as reasons to maintain a positive view. Rosenblatt appears to be weighing shorter-term operational and macro risks against the longer-term thesis that scale and execution can translate into meaningful value for shareholders if market conditions stabilize.

For investors, Rosenblatt’s note underscores the importance of monitoring key metrics that influence miner economics: realized bitcoin prices, production rates, energy and hosting costs, capital expenditure needs, and balance-sheet flexibility. The rating update serves as a reminder that exposure to bitcoin miners carries high sensitivity to the underlying cryptocurrency and sector-specific cost dynamics.

In sum, Rosenblatt’s move to lower the price target to $15 reflects a more conservative near-term forecast for MARA’s financial outcomes, while the maintained Buy rating indicates the analyst team still sees a pathway to upside under improved market conditions. Market participants should expect continued volatility and track company disclosures and bitcoin price trends closely as the sector navigates short-term pressures.