Cipher Mining Inc. stock climbed 4.6% in morning trading on Friday after the company announced a 15-year data center lease agreement with an investment-grade hyperscaler.

The deal involves developing a new high-performance computing data center at one of Cipher Mining's existing sites. The agreement represents a continued shift for the company away from bitcoin mining toward AI and high-performance computing infrastructure.

Morgan Stanley raised its price target on the stock to $54 from $43.50 while keeping its Overweight rating.

Wells Fargo initiated coverage on the stock on September 16 with an Overweight rating and a $25 price target. The firm noted the company has contracted capacity with major cloud providers including AWS and Fluidstack, which is backed by Google credit support.