Citizens initiated coverage of Mara Holdings with an Outperform rating and $24 price target. The company is following the lead of others in repurposing existing power capacity once used for bitcoin mining to provide high performance compute capacity to hyperscale customers, the analyst tells investors in a research note. The firm says Mara will benefit from the same trends that have caused the majority of its peers to significantly outperform the S&P 500 this past year. Economic terms for suppliers of high performance compute supplies \"have greatly improved, and demand for powered capacity continues to increase,\" contends Citizens.
