Analyst John Todaro from Needham maintained a Buy rating on Cipher Mining (CIFR – Research Report) and decreased the price target to $6.00 from $7.00.
John Todaro has given his Buy rating due to a combination of factors including Cipher Mining’s ability to exceed expectations in both revenue and adjusted EBITDA, largely due to lower general and administrative expenses. The company is making significant progress with its Black Pearl project, which is set to enhance its mining capabilities by the end of Q2 and Q3 2025.
Additionally, Cipher Mining’s strategic moves in the high-performance computing sector, including discussions with potential tenants and a financing partnership with Fortress Credit, contribute to a promising outlook. The company’s approach to powered shell operations is expected to yield better-than-anticipated economic benefits, with the potential to increase its share of the economics without incurring additional capital expenditures.
In another report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $6.75 price target.