Cipher Mining initiated with a Buy at Jefferies

As previously reported, Jefferies analyst Jonathan Petersen initiated coverage of Cipher Mining (CIFR) with a Buy rating and $32 price target AI data center demand remains strong, with power availability the “binding constraint,” says the analyst, who adds that tenant credit quality, location durability, and development execution will be the differentiating factors among this group. Cipher quickly pivoted and leased to three separate investment grade hyperscaler customers, which is “impressive,” and the focus now turns to development execution, the analyst tells investors.