Cipher Mining initiated with a Speculative Buy at Stifel

Stifel initiated coverage of Cipher Mining with a Speculative Buy rating and $9 price target. Cipher is an emerging public bitcoin miner with an “industry-leading margin profile, hinged on the back of access to low-cost power,” the analyst tells investors in a research note. The firm believes the company has set the stage for “significant” near-term growth by securing infrastructure and mining hardware to reach ~35 EH/s by the end of 2025 on a fully funded basis. Stifel believes Cipher is well positioned to sustain industry-leading unit economics.