Cipher Mining price target raised to $27 from $23 at Keefe Bruyette

Keefe Bruyette raised the firm’s price target on Cipher Mining (CIFR) to $27 from $23 and keeps an Outperform rating on the shares. The firm updated the company’s model post the Q1 report. Keefe upped Cipher’s 2027 estimates on an earlier than expected Stingray lease start. It attributes the 24% post-earnings rally to stronger than expected Stingray lease economics and improved visibility on the commercialization of 1.4GW net of the 2028 pipeline.