JPMorgan cuts MARA Holdings stock target from USD 13 to USD 11

Published on 10/08/2026 at 12:00 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

MARA Holdings stock costs EUR 9.20 after EUR 9.25 on October 8, 2026. Revenue fell 26.70 percent to USD 174.88 million in the second quarter.

MARA Holdings, US5657881067, Illustration mit AI erstellt.

MARA Holdings stock (ISIN US5657881067) was EUR 9.20 at Lang & Schwarz on October 8, 2026 at 11:50 a.m. CEST, down 0.54 percent versus the prior close of EUR 9.25. On October 7, 2026, JPMorgan cut its target for MARA Holdings from USD 13.00 to USD 11.00 and double downgraded the stock from Overweight to Underweight, according to Tim Sykes.

Target cut meets weak results

The bank's move focused on weaker value creation from MARA's capital-light artificial intelligence and data-center strategy. The new USD 11.00 target sits USD 2.00 below the former target, a 15.38 percent reduction calculated against USD 13.00.

The latest reported quarter adds pressure to that debate. In the second quarter of 2026, revenue fell 26.70 percent year over year to USD 174.88 million from USD 238.50 million, while the company reported a net loss of USD 611.30 million, or USD 1.60 per diluted share, according to Yahoo Finance. The earnings call attributed USD 343.00 million of the loss to an unrealized mark-to-market fair-value adjustment for digital assets, making the headline loss materially different from the underlying operating trend.

AI infrastructure remains the test

MARA's second-quarter presentation of its strategy emphasized power, land and compute rather than Bitcoin mining alone. Management said its power portfolio could reach 4.80 gigawatts after pending transactions and approvals, while the company continues discussions with prospective tenants.

Analyst views remain divided. MarketBeat reported on September 15, 2026 that HC Wainwright maintained a Buy rating and a USD 20.00 target, while its cited consensus target was USD 18.70. That spread versus JPMorgan's USD 11.00 target shows that the market is assigning very different values to MARA's planned shift toward high-performance computing.

Stock remains below yearly high

MARA's market capitalization was USD 4.0 billion as of October 8, 2026, based on the latest structured quote. A September 15, 2026 market snapshot placed the Nasdaq-listed stock's 52-week range at USD 6.66 to USD 23.45, leaving the EUR reference quote separate from the US-dollar trading range.

The immediate investor question is execution: revenue declined in the second quarter while management is building a power-intensive infrastructure platform. The target split gives the stock a clear valuation fault line, with JPMorgan emphasizing capital discipline and HC Wainwright placing greater weight on future compute demand.

Price and trading reference

At Lang & Schwarz, MARA Holdings stock was trading at EUR 9.20 on October 8, 2026 at 11:50 a.m. CEST, minus 0.54 percent versus the prior close of EUR 9.25. The Nasdaq context remains separate: the primary listing is in US dollars, while the German investor reference price is the Lang & Schwarz euro quote.

The further course of trading is shown by the continuously updated real-time quote of MARA Holdings stock.