Cipher Mining initiated with a Neutral at Lucid Capital

Lucid Capital analyst Joe Flynn initiated coverage of Cipher Mining (CIFR) with a Neutral rating and $18 price target The firm launched coverage of five bitcoin mining to high performance compute companies “that are positioned to capitalize on power shortages and other related constraints.” The recent $1 trillion of added spend remains underappreciated and creates “interesting supply/demand dynamics” for companies positioned with megawatts of available power and ability to scale up infrastructure on accelerated timelines, the analyst tells investors in a research note. Lucid views Core Scientific (CORZ) as the most undervalued name in the sector.