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HC Wainwright on Tuesday turned bullish for Cipher Mining (NASDAQ:CIFR), citing strong execution, “best in class” mining economics, and higher bitcoin (BTC-USD) price.
“We are upgrading CIFR stock to Buy from Neutral due to strong execution, best-in-class mining economics and improved sentiment for BTC,” said analyst Mike Colonnese.
He noted that the cryptocurrency miner has executed its growth plans well, expanding its scope of operations. hash rate to 4.3 EH/s at the end of January from 0.64 EH/s. “Cipher also has a clean balance sheet and is in our opinion one of the most competent management teams in the mining industry,” he said.
HC Wainwright raised its 2023 revenue estimate for Cipher (CIFR) to $133 million from $103 million, assuming an average BTC price of ~$27k for 2023, up from ~$21k previously.
It also raises the price target on Cipher (CIFR) to $3 from $1.50 (~65% upside potential from last close), which is higher than other mining stocks. “We believe CIFR will continue to trade at a premium to its peers due to its size and attractive power contract,” Colonnese said.
Contrary to the view of HC Wainwright SA Quant’s stance as seller ratings.
Take a look at Cipher’s (CIFR) key stats compared to peers.
