Citizens Financial Group initiates MARA Holdings coverage with $24 price target, sees 63% upside

Citizens Financial Group just told investors that MARA Holdings, the company formerly known as Marathon Digital Holdings, is worth considerably more than its current stock price suggests. The bank initiated coverage on June 24 with a Market Outperform rating and a $24 price target, implying roughly 63% upside from MARA’s trading price of around $14.70.

Citizens’ $24 target implies a valuation of approximately 20 times the projected 2028 enterprise value to EBITDA. The core of the argument centers on two things: MARA’s high-performance computing joint venture and its power pipeline strategy aimed at hyperscale HPC and AI customers. The company has plans for a 200 MW AI build project, with initial capacity targeted for mid-2028. MARA is maintaining its Bitcoin mining operations while layering on the HPC business, a dual-track approach that gives the company optionality.

Citizens isn’t operating in a vacuum here, and the analyst community is far from unanimous on MARA’s trajectory. Bernstein currently has a Hold rating on the stock. Prior price targets from various firms have ranged between $17 and $29. Citizens’ $24 target lands roughly in the middle of that range.

MARA posted a year-to-date gain of approximately 64% prior to the coverage initiation. The company reported Q1 2026 earnings in May, and ongoing consent solicitations concerning Long Ridge Energy LLC’s notes point to active financial restructuring in support of the AI build-out.

The 200 MW AI build targeted for mid-2028 gives a concrete timeline to watch. MARA has experienced increased price swings amid broader movements in the digital asset market, which means the stock still trades with significant crypto beta.

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