In a report released yesterday, Joseph Vafi from Canaccord Genuity maintained a Buy rating on Cipher Mining (CIFR – Research Report), with a price target of $8.00.
Joseph Vafi has given his Buy rating due to a combination of factors that highlight Cipher Mining’s strategic growth and expansion. The company is transitioning from being solely a bitcoin miner to entering the AI data center hosting space, with significant developments at the Barber Lake site. This site, recently acquired, is a focal point for their expansion, supported by a strategic $50 million investment from Softbank, which emphasizes the potential in AI-related opportunities.
Furthermore, the Barber Lake project has expanded with the acquisition of additional land and a memorandum of understanding for increased power capacity, enhancing its attractiveness to investors like Softbank. Cipher Mining’s bitcoin mining operations continue to excel, with advancements in fleet efficiency and output at their Odessa site. These developments, along with a strong balance sheet and readiness for market changes, underpin the positive outlook and Buy rating from Joseph Vafi.
In another report released today, KBW also maintained a Buy rating on the stock with a $10.00 price target.
Based on the recent corporate insider activity of 47 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CIFR in relation to earlier this year.
Questions or Comments about the article? Write to editor@tipranks.com