Needham ups price targets on Bitcoin mining stocks

Investing.com -- On Wednesday, Needham&Company raised price targets across several U.S.-listed Bitcoin miners, citing higher bitcoin price forecasts and improved earnings estimates into 2026.

“We are updating our calendar Q2 bitcoin production estimates... and increasing Q2 bitcoin price to $98.7k avg. from $85k previously,” Needham analysts wrote.

They also boosted their 2025 and 2026 bitcoin price assumptions by 20% and 39%, respectively.

Adjusted EBITDA estimates rose broadly as a result. Needham raised its 2026 EBITDA forecasts for CleanSpark (NASDAQ: CLSK) to $612 million from $476 million and increased the stock’s price target to $21 from $19.50, based on 7.5x EV/EBITDA.

“CLSK reached its target for 50 EH/s during the quarter... becoming the first miner to reach 50 EH/s through self-operated sites,” the analysts said.

Cipher Mining’s price target was lifted to $8 from $6, supported by higher bitcoin prices and expanding operations at its Black Pearl site.

Riot Platforms (NASDAQ: RIOT) saw its price target rise to $17.50 from $15 after Needham toured its large Corsicana facility in Texas.

“We were impressed with the scale,” analysts said, adding that management is “laser focused on transitioning to HPC.”

Bitdeer, which maintained its $17 price target, delivered 565 bitcoin in Q2 and reiterated its 40 EH/s year-end target.

Hut 8 saw its price target raised to $23 from $21, reflecting its AI and HPC exposure.

Needham reiterated Buy ratings on BTDR, CIFR, CLSK, HUT, RIOT and TeraWulf, while maintaining Hold ratings on Core Scientific, IREN and Marathon Digital (NASDAQ: MARA).

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