JPMorgan Downgrades Cipher Mining (CIFR) to Neutral

JPMorgan analyst Reginald Smith downgraded Cipher Mining (NASDAQ: CIFR) from Overweight to Neutral.

The analyst comments: "Cipher (CIFR) builds, owns and operates electrical infrastructure and data centers dedicated to bitcoin mining. The company operates four data centers throughout Texas, totaling 327 MW, capable of generating more than 13 EH/s of mining capacity today, and is in the process of energizing a 300MW greenfield site, expected online in 1H25. The company is also expanding its capabilities to building and operating HPC data centers. And though we like the company’s long-term optionality, Cipher’s target ‘25 hashrate is half of other miners in our coverage universe, and our sense is the company will need to raise capital to fund material hashrate growth beyond 1H25. We continue to think Cipher could sign an HPC deal at its Barber Lake site, which could drive upside to our price target, but deals can take up to 9 months to negotiate and finalize. As such, we are moving to Neutral (from Overweight) in favor deeper value operators in our coverage universe."

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 $3.20 yesterday.

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