H.C. Wainwright Reiterates Buy Rating on Cipher Mining (CIFR)

H.C. Wainwright analyst Mike Colonnese reiterated a Buy rating and $8.00 price target on Cipher Mining (NASDAQ: CIFR).

The analyst commented: "Yesterday (2/25) before the open, Cipher reported solid 4Q24 and FY2024 financial results, provided 3Q25 guidance of at least 23 EH/s, and announced incremental steps the company has taken to better position itself to win an HPC/AI deal with a hyperscaler over the near term. Despite strong 4Q results and a generally upbeat call, the stock tumbled 17.4% on the day (vs. a 1.35% decline in the Nasdaq), as investors came into yesterday’s print with lofty, and in our opinion, unrealistic expectations for a more concrete announcement on the HPC/AI side following SoftBank’s $50M PIPE investment in the company from last month to support Cipher’s HPC data center development initiatives. With that said, the company has successfully built out a pipeline of attractive greenfield development sites in Texas over the past few quarters, and now has over 2.1 GW of total capacity in the pipeline (excluding capacity currently used for BTC mining and 150 MW at Black Pearl, Exhibit 1) that is primarily earmarked for HPC data center development, 450 MW of which will be available this year. On the call, management announced that it had acquired 337 more acres of land at the company’s Barber Lake development site and signed an MOU for an additional 500 MW data center at the facility, which would be adjacent to the current 300 MW site. With 300 MW of power currently available and an additional 500 MW that is expected to come online in 2029, we believe Barber Lake is a prime site for HPC/AI given its near-term access to large-scale power and fiber. We view yesterday's sell-off as a buying opportunity, as Cipher's fundamentals remain strong, while we like the optionality in the business model. Reiterate Buy rating and $8 PT."

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 $4.10 yesterday.

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