Marathon Digital slides after B.Riley cuts price target on delays, lower-than-expected BTC production

Marathon Digital (NASDAQ:MARA) fell 8% in early Tuesday trading after B.Riley lowered the price target on miner's stock while keeping the rating at Buy. B. Riley cut its price target on Marathon Digital to $57 from previous $59, implying a potential upside of ~97% from the stock's last close. Analyst Lucas Pipes said the company's results came in lower than expected due to delays in miner deployment caused by an extended approval process for becoming connected to the grid. That points to Marathon's production of approximately 1,259 Bitcoins in Q1, which came in below B.Riley's estimate of 1,633. "We are now estimating Marathon to achieve a 2022 year-end hash rate of approximately 16.8 EH/s (from 19.5). As a result, we have reduced our 2022 EBITDA estimate to $409M (from $477M)," said the analyst. However, Marathon's growth target of achieving 23.3 EH/s by early 2023 remains unchanged, he added. Wall Street analysts maintain a