Mike Colonnese, an analyst from H.C. Wainwright, reiterated the Buy rating on Cipher Mining (CIFR – Research Report). The associated price target remains the same with $6.75.
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Mike Colonnese has given his Buy rating due to a combination of factors that highlight Cipher Mining’s strategic advancements and financial performance. The company has recently announced a joint venture with Fortress to develop HPC/AI data centers, which is expected to enhance their monetization capabilities without requiring additional capital investment. This partnership is anticipated to expedite the signing of an HPC/AI tenant, leveraging Fortress’ extensive network and experience in data center development.
Additionally, Cipher Mining has demonstrated strong operational progress, with a significant increase in their Bitcoin mining capacity and a solid revenue growth in the first quarter of 2025. The company reported a 16% quarter-over-quarter revenue increase, driven by higher Bitcoin prices and production. Despite a slight decline in production at joint venture sites, Cipher’s gross profit and margins improved significantly, showcasing efficient cost management. These factors, combined with high interest from potential HPC/AI tenants, underpin Colonnese’s confidence in the company’s future growth prospects, justifying the Buy rating.
In another report released yesterday, KBW also maintained a Buy rating on the stock with a $6.50 price target.