Rosenblatt raised the firm’s price target on Cipher Mining (CIFR) to $33 from $25 and keeps a Buy rating on the shares. The firm believes the company’s Q3 earnings report “significantly accelerated” its transformation from bitcoin miner to high performance compute hosting provider. With the Amazon Web Services (AMZN) deal coming just six weeks after the Fluidstack agreement, “the AI-driven race for power is still accelerating” and Cipher is “rapidly becoming a major beneficiary,” the analyst tells investors in a research note.
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