Analyst Mike Colonnese from H.C. Wainwright reiterated a Buy rating on Cipher Mining and keeping the price target at $7.50.
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Mike Colonnese has given his Buy rating due to a combination of factors that highlight Cipher Mining’s strong operational outlook. Despite Cipher Mining’s underwhelming second-quarter results, Colonnese remains optimistic about the company’s future, particularly due to its increased hash rate guidance and ongoing expansion efforts. The company is on track to achieve a hash rate of 23.5 EH/s, which is supported by recent investments and strategic decisions to enhance its mining capabilities.
Colonnese also points to Cipher Mining’s efficient operations, characterized by low power costs and the deployment of advanced mining rigs, which contribute to its competitive advantage in the industry. Additionally, the company’s strategic initiatives, such as the development of a “Tier 1.5” data center and potential AI partnerships, provide further growth opportunities. These factors, combined with Cipher Mining’s premium valuation relative to its peers, underpin Colonnese’s confidence in the company’s long-term prospects.
Colonnese covers the Financial sector, focusing on stocks such as Coinbase Global, Cleanspark, and HIVE Digital Technologies. According to TipRanks, Colonnese has an average return of 45.3% and a 63.09% success rate on recommended stocks.
In another report released on July 25, Compass Point also maintained a Buy rating on the stock with a $8.00 price target.