Cipher Mining (CIFR) PT Lowered to $8 at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods analyst Bill Papanastasiou lowered the price target on Cipher Mining (NASDAQ: CIFR) to $8.00 (from $10.00) while maintaining a Outperform rating.

The analyst commented, "CIFR's print was in line with our estimates and more importantly highlighted strong execution of an attractive power strategy that aligns closely with our long-term thesis that the lowest cost producer of a commodity wins. Moreover, the team also demonstrated the ability to identify unique assets extends beyond Bitcoin mining following the tuck-in acquisition of five sites in Q4 (at attractive prices) that are conducive for AI/HPC hosting services and may be energized between 2025-2027. We continue to believe that CIFR offers an attractive mix of downside protection (by way of superior unit economics from the Bitcoin mining angle) and upside potential that is afforded by a ~2.8 GW power pipeline that has attracted SoftBank and other prospective hyperscalers."

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