Analysts Recalibrate Mara Holdings Outlook With Lower Targets, Retained Buys

Overview

• Rosenblatt’s Chris Brendler on Dec. 19 reduced his price target to $15 from $22 and kept a Buy rating, projecting roughly 51% upside from recent levels.
• JPMorgan on Nov. 24 lowered its target to $13 from $20 and reiterated an Overweight rating, citing weaker bitcoin prices and a larger share count.
• As of Dec. 24, 12 analysts covered MARA with seven Buys and five Holds, and the 1-year average target stood at $22.11 after the shares fell about 41% in 2025.
• Mara posted a sharp Q3 2025 rebound with revenue up 92% to $252.4 million and net income of $123.1 million versus a loss a year earlier.
• Operational metrics strengthened in Q3 with an energized hash rate of 60.4 EH/s, 2,144 BTC mined, nearly 53,000 BTC in holdings, and an average purchased energy cost of $39,235 per bitcoin.