Jones Trading Assumes Cipher Mining (CIFR) at Buy

Jones Trading analyst Kevin Dede assumes coverage on Cipher Mining (NASDAQ: CIFR) with a Buy rating and a price target of $35.00.

The analyst comments: “We have followed Cipher Digital since its emergence in the public world as a Bitcoin miner in late 2020 when initial plans called for the simultaneous construction of four separate tier-1 mining facilities. Now, per our artificial intelligence supercycle thesis and Cipher's converted emphasis to AI/HPC, we are comfortable offering a Buy rating and $35 price target given the combination of: (1) a pipeline expanding to 4GW from roughly 700MW this year; (2) landing multiple household name AI/HPC contracts; and, (3) proven execution.”

For an analyst ratings summary and ratings history on Cipher Mining click here. For more ratings news on Cipher Mining click here.

Shares of Cipher Mining closed at $17.73 yesterday.

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