H.C. Wainwright analyst Mike Colonnese upgraded Cipher Mining to Buy from Neutral with a price target of $3, up from $1.50. The analyst says strong execution alongside higher bitcoin prices has the firm more bullish on the story. Cipher’s low cost of power, secured by long term contracts, enables the company to mine bitcoin more profitably than most other miners, the analyst tells investors in a research note.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on CIFR:
- Looking for Exposure to Bitcoin? These 2 Small Bitcoin Mining Stocks Are a ‘Must-Own,’ According to One Analyst
- Cipher Mining Announces January 2023 Operational Update
- Cipher Mining Announces December 2022 Operational Update
- Cipher Mining ends 2022 with 394 Bitcoin
- Cipher Mining acquires additional new mining rigs for Odessa data center
