MARA Holdings Stock Rallies Despite Caution From Analysts Around AI Pivot

H.C. Wainwright sees risks associated with Mara's pronounced pivot to AI and hyperscale data centers.

• MARA Holdings announced it has entered into a strategic agreement with Starwood Capital Group and their dedicated data center development platform Starwood Digital Ventures on Thursday. 
• H.C. Wainwright downgraded Mara Holdings to ‘Neutral’ from ‘Buy’ without a price target.
• Cantor Fitzgerald lowered the firm's price target on Mara Holdings to $11 from $21 and kept an ‘Overweight’ rating on the shares.

MARA Holdings’ recent Starwood deal buoyed retail trader sentiment on Friday even as several Wall Street analysts downgraded the stock. 

Shares of the company traded 10% higher at the time of writing. 

How Did Stocktwits Users’ React?

On Stocktwits, retail sentiment around MARA trended in the ‘extremely bullish’ territory amid ‘extremely high’ message volume. 

One bullish user said that the “Starwood deal could imply ~$2 billion in annual revenue potential at scale!!!”

Another bullish user wrote, “Pretty sure this is oversold.  I wish I had extra money to buy.”

Starwood Deal

MARA Holdings on Thursday announced it has entered into a strategic agreement with Starwood Capital Group and their dedicated data center development platform Starwood Digital Ventures. Together, the companies expect to deliver approximately 1 gigawatt of near-term IT capacity with a pathway to more than 2.5 gigawatts.

The companies will prioritize sites with access to low-cost energy, strong interconnection positions, and clear pathways to scale. These campuses will be designed to operate both Bitcoin mining and AI compute, giving MARA the ability to toggle workloads in response to market pricing and customer demand.

Downbeat Analysts

H.C. Wainwright downgraded Mara Holdings to ‘Neutral’ from ‘Buy’ without a price target as the firm slashed its FY26 sales forecast to $851.1 million from $954.8 million, primarily driven by a downward revision to its bitcoin price outlook throughout 2026. 

H.C. Wainwright sees risks associated with Mara's pronounced pivot to AI and hyperscale data centers and while it recognizes potential value in both its tie to Starwood Capital Group and Exaion, success at both is hinging on securing large leases that have "proven to materialize slowly amid current peak demand," the analyst told investors.

Cantor Fitzgerald lowered the firm's price target on Mara Holdings to $11 from $21 and kept an ‘Overweight’ rating on the shares. Mara's Q4 results showed a 19.8% quarter over quarter decline in mining revenue and negative adjusted core profit amid lower Bitcoin prices, the analyst told investors in a research note.

Shares in the company have fallen 34% over the past year.