Cipher Mining price target raised to $9 from $7.50 at Compass Point

Compass Point raised the firm’s price target on Cipher Mining to $9 from $7.50 and keeps a Buy rating on the shares following the Q2 report. Cipher launched its high performance computing initiatives on the earnings call, which is positive as it offers diversification of the business with long-term predictable revenues not tied to hash, the analyst tells investors in a research note. The firm increased estimates to reflect the company’s hash rate expansion.