Cipher Mining price target lowered to $20 from $22 at Keefe Bruyette

Keefe Bruyette lowered the firm’s price target on Cipher Mining (CIFR) to $20 from $22 and keeps an Outperform rating on the shares. The firm reduced its 2026 abd 2027 revenue and EBITDA estimates for Cipher citing the reduced hash price, the company’s anticipated exit from bitcoin mining in 2027, and higher spending. However, the analyst believes the market is overly discounting Cipher’s existing leases or being too conservative on its 2026 leasing.