H.C. Wainwright analyst Mike Colonnese raised the firm’s price target on Cipher Mining (CIFR) to $17 from $7.50 and keeps a Buy rating on the shares after the company announced a “transformational” 10-year high-performance computing and AI hosting contract with AI cloud platform Fluidstack last Thursday. A lease backstop from Google (GOOGL) significantly reduces the project’s risk profile and increases its ability to be funded, says the analyst, who views the “seemingly ambitious timeline” as achievable given the Cipher team’s strong track record of developing greenfield sites.
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