Cipher Mining price target raised to $5.50 from $4.50 at H.C. Wainwright

H.C. Wainwright raised the firm’s price target on Cipher Mining to $5.50 from $4.50 and keeps a Buy rating on the shares. The company reported solid Q1 results that were largely in line with estimates and reiterated its hash rate targets for 2024, the analyst tells investors in a research note. The firm believes Cipher is uniquely positioned to “navigate the recent halving of the block subsidy and subsequent drop in hash prices.”