Cipher Mining price target raised to $34 from $20 at Clear Street

Clear Street analyst Brian Dobson raised the firm’s price target on Cipher Mining (CIFR) to $34 from $20 and keeps a Buy rating on the shares. The firm believes Cipher’s $5.5B deal with Amazon Web Services (AMZN) accelerates its pivot into artificial intelligence infrastructure. The agreement also diversifies the company beyond Fluidstack and reinforces its position as a leading provider of large-scale, high-density data center capacity, the analyst tells investors in a research note. Clear Street believes the AWS lease provides “meaningful earnings visibility” and supports further multiple expansion of Cipher Mining shares.