Marathon delivered disappointing results in the second quarter as several thousand mining rigs were sitting idle due to storms and energization delays.
However, the firm has announced hosting deals to help it reach its hash rate, or computing power, the goal of 23.3 exahash per second (EH/s) by mid-2023.
Reflecting on the disappointing quarterly results, the Cowen team lowered its 2022 revenue estimate for Marathon to $150 million from $204 million, now below the consensus forecast for $189 million.
Cowen also dropped its expectations for adjusted EBITDA to $39 million from $86 million and mining profit to $91 million with a 61% margin, down from $132 million and a 64.7% margin.
Cowen continues to rate Marathon at Market Perform but lifted its price target to $9 from $7 following a near-tripling stock price over the last seven weeks to the current $14 per share.
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