Cipher Mining price target raised to $6 from $4 at Cantor Fitzgerald

Cantor Fitzgerald analyst Brett Knoblauch raised the firm’s price target on Cipher Mining (CIFR) to $6 from $4 and keeps an Overweight rating on the shares. Cipher Mining mined 179 Bitcoin, or 5.8 Bitcoin per day, during May, which is flat compared to April, and Cantor estimates that Cipher generated $18.5M in mining revenue during May, the analyst tells investors in a research note. Cipher is set to become one of the fastest-growing miners this year by hash rate capacity, the firm contends.