H.C. Wainwright analyst Mike Colonnese lowered the firm’s price target on Cipher Mining (CIFR) to $6.75 from $8 and keeps a Buy rating on the shares as part of a Q1 earnings preview for the bitcoin miners. Macro and geopolitical uncertainty drove significant volatility in bitcoin prices in Q1, but the average price increased 12% quarter-over-quarter, the analyst tells investors in a research note. The firm says total public miner market caps fell 41% quarter-over-quarter to $18B in 1Q, creating an attractive buying opportunity for mining stocks.
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