Marathon Digital, Riot Blockchain price targets cut at B. Riley on high capital costs

B. Riley analyst Lucas Pipes slashes price targets for crypto miners Marathon Digital (NASDAQ:MARA), Riot Blockchain (NASDAQ:RIOT), Greenidge Generation (NASDAQ:GREE) and Stronghold Digital Mining (NASDAQ:SDIG) due to higher-than-expected capital costs., he writes in a note to clients. With regards to Marathon Digital (MARA), which has entered "significant" miner purchase agreements with Bitmain in the past two weeks, the analyst estimates Q4 EBITDA of $49.8M vs. $93.7M in the prior view. As a result, Pipes lowers his price target to $74 per share from $92, changing hands at $34.13 as of Tuesday's close. For Riot Blockchain (RIOT), based on its new miner delivery schedule and updated network hash rates, Pipes models a lower adjusted EBITDA of $355.9M vs. $397M in the prior forecast. Price target of $53 per share vs. $82 prior; implies 117% upside from Tuesday's close. Note that Cantor Fitzgerald recently initiated RIOT to Overweight based on the company's