Bernstein Cuts Mara Price Target to $17 After Q1 Revenue Drops 18%
MARA•Bernstein cut Mara’s price target to $17 from $23 with Market Perform after Q1 revenue fell 18% to $174.6 million and net loss reached $1.3 billion on Bitcoin writedowns. The firm contrasted this with peers benefiting from AI infrastructure, underscoring Mara’s slower AI pivot and weaker crypto economics.
1. Brokerage Revises Price Target
Bernstein lowered Mara’s price target to $17 from $23 and kept a Market Perform rating, reflecting adjusted financial models and cautious sentiment on the company’s near-term prospects.
2. Q1 Financial Results
In Q1 Mara reported revenue of $174.6 million, down 18% year-over-year, and recorded a net loss of $1.3 billion driven by Bitcoin writedowns, highlighting ongoing volatility in its core mining business.
3. AI Infrastructure Pivot
Mara is advancing its shift toward AI data center operations, including a partnership with Starwood to repurpose mining sites, but lags peers in monetizing AI capabilities, weighing on its valuation outlook.
