BUZZ-Bitcoin miners still offer 'attractive' entry point - Bernstein

Reuters2023-12-05

** Investors could still find "attractive" entry point into bitcoin miners when digital asset dips, Bernstein says

** Adds bitcoin mining stocks remain high-beta opportunity to "ride the new Bitcoin cycle"

** Lifts price target on Cleanspark Inc and Riot Platforms Inc to $14.2 and $22.5 respectively, representing over 50%-60% upside to last close of each stock

** Believes RIOT and CLSK likely to emerge as category leaders in bitcoin mining efficiency, and would continue gaining access to capital via markets versus smaller peers

** Raises PT on Marathon Digital to $14.30, roughly 4% downside to stock's last close

** CLSK down 3.4%, while RIOT and MARA down 2.2% and 2.9% respectively in premarket trading

** Bitcoin, after briefly surpassing a 20-month high of $42,000 on Monday, is now trading at around $41,700

** Up to last close, RIOT up ~342%, MARA up ~334%, and CLSK up ~335% so far this year

(Reporting by Roshan Abraham)

((Roshan.Abraham@thomsonreuters.com))

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