Cipher Mining price target lowered to $32 from $34 at Clear Street

Clear Street analyst Brian Dobson lowered the firm’s price target on Cipher Mining (CIFR) to $32 from $34 and keeps a Buy rating on the shares. The firm remains bullish on the stock coming out of Q4 earnings as it sees a clear step-change in Cipher’s earnings profile beginning in Q4 as lease revenue from Amazon (AMZN) and Fluidstack begins contributing in earnest, the analyst tells investors in a research note. This inflection is underappreciated, particularly given the quality of counterparties and long-duration nature of the leases, the firm added.

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