JPMorgan raised the firm’s price target on Cipher Mining (CIFR) to $12 from $6 and keeps a Neutral rating on the shares. The firm updated bitcoin miner ratings and price targets to reflect changes in bitcoin mining profitability, and upside from high performance compute colocation and cloud services. JPMorgan increased targets for miners with HPC exposure, citing credit for their budding cloud services and/or colocation businesses, where it assigns a 50% probability each signs an agreement for available excess power capacity.
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