According to WuTalk, Morgan Stanley has initiated coverage on MARA Holdings (MARA) for the first time, assigning an Underweight rating with a target price of $8. Morgan Stanley believes that MARA's transition from Bitcoin mining to data centers offers limited upside in valuation. The report outlines three reasons: MARA adopts a 'hybrid model' rather than focusing on leasing data centers to hyperscalers; the company still aims to maximize exposure to Bitcoin price increases. Morgan Stanley explicitly states that the economics of Bitcoin mining remain the primary driver of MARA's stock value, valuing its mining business at approximately 5x P/E. They note that the profitability of Bitcoin mining faces pressure both in the short and long term, and describe the historical ROIC of this business as 'unattractive.' https://(wublock123.com)/news/news-67714