Canaccord analyst Joseph Vafi raised the firm’s price target on Cipher Mining (CIFR) to $16 from $12 and keeps a Buy rating on the shares. The firm said last week may very well prove to be of one the biggest value-creating periods of time in the company’s evolution. The company has benefited not only from the deal signed with Fluidstack/Google (GOOG) but also by what is now a materially lower cost of capital moving forward. The target increase reflects the introduction of a discounted free cash flow estimate for its Barber Lake facility.
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