mara stock UBS raises MARA share price target to $203 from $175 on higher refining earnings

UBS raised their target price $175.00 to $203.00 while maintaining a “buy” rating on the stock. With a market capitalization of $6.44 billion and currently trading at $18.25, the company has shown notable volatility with a beta of 6.55. InvestingPro analysis presents 12 additional key insights about MARA’s financial position and growth prospects.

The firm adjusted its earnings per share forecast for the second quarter of 2025 to $3.03, compared with the market consensus of $3.48 and its previous estimate of $2.99.

UBS expects MARA to report adjusted EBITDA of $3,021 million in the second quarter of 2025, up from $1,975 million in the first quarter, with positive revisions due to higher refining.

The analyst models a $502 million capital expenditure for the second quarter of 2025, as well as a $750 million share buyback, and says MARA “could surprise on the upside” in case of a buyback.

UBS also raised its 2026 and 2027 forecasts for MARA based on expectations of higher refining income.

In other recent news, Marathon Digital Holdings has released its bitcoin production figures for May 2025, which show a 38% increase in blocks mined and a 35% increase in bitcoin production compared to April. As a result, a total of 950 bitcoins were produced this month, bringing the company’s holdings to over 49,000 bitcoins. Additionally, Marathon Digital announced its goal of reaching a hash rate of 75 exahashes per second by the end of 2025, which represents a significant increase from 2024 levels. The company currently has 1.7 gigawatts of captive capacity, of which 1.1 gigawatts is operational.

In a strategic move, Marathon Digital has appointed Nir Raykovich as Chief Product Officer to improve its product strategy and commercialization efforts. The company is also collaborating with TAE Power Solutions to develop an advanced energy system aimed at improving load management for data centers and cryptocurrency mining operations. This joint effort will focus on creating a 10 MW clean energy storage network for efficient energy use.

Moreover, following the successful IPO of Circle Internet Group, shares of Marathon Digital Holdings also surged like other crypto-related companies. The market’s positive response to Circle’s offering has boosted investor confidence in the cryptocurrency sector. These developments reflect Marathon Digital’s continued efforts to strengthen its operations and strategic position in the digital energy and infrastructure industry.

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UBS Raises MARA Stock Target to $203 Amid Strength in Refining

In a positive move for investors, UBS has raised its price target for Marathon Digital Holdings (NASDAQ: MARA) from $175 to $203, citing better-than-expected refining earnings and improved operating efficiency. This bullish revision reflects increased confidence in MARA’s financial performance and long-term growth strategy, particularly in its digital asset mining operations and refining segment.

Key Highlights of the UBS Report:

• New Price Target: $203 (previously $175)

• Current Rating: Buy

• Catalyst: Higher refining margins and earnings growth

• Investment Thesis: Improved operational leverage and exposure to digital assets

Why UBS is optimistic about MARA

UBS analysts believe MARA’s refining segment has outperformed expectations, driven by strong market conditions, improved production capacity and better margin management. In addition, the company’s investments in digital assets such as bitcoin and growing institutional interest in crypto have further increased the potential for speculative gains, which UBS believes the market has underestimated.

Understanding MARA’s Business Model

Marathon Digital Holdings is primarily known for its bitcoin mining operations, but the company has also diversified into the refining and energy sectors, which are becoming increasingly profitable. The synergy between energy production and crypto mining enables MARA to optimize costs and generate multiple sources of revenue.

• Key Revenue Sources:
• Bitcoin Mining
• Refining and Energy Generation
• Digital Infrastructure Solutions

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