Cipher Mining initiated with an Overweight at Morgan Stanley

Morgan Stanley analyst Stephen Byrd initiated coverage of Cipher Mining (CIFR) with an Overweight rating and $38 price target Morgan Stanley is bullish on the “increasingly attractive valuations” of bitcoin-to-data center conversions. It sees significant upside in Cipher shares. Recent capital expenditure updates from the hyperscalers support the thesis that compute demand is likely to exceed supply, the analyst tells investors in a research note.