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Cipher Mining Soars on JPMorgan Upgrade
25 Nov
Summary
- Cipher Mining stock surged 18.09% after JPMorgan's price target increase.
- JPMorgan sees an entry point for Cipher Mining with contracted HPC capacity.
- The company secured a $5.5 billion HPC lease agreement with AWS.
Cipher Mining Inc. (NASDAQ:CIFR) saw its stock price jump 18.09% on Monday, reaching $16.71 per share, buoyed by positive coverage from JPMorgan. Analysts at JPMorgan upgraded their price target for CIFR to $18, indicating potential upside. They highlighted the recent decline in Cipher's shares as a favorable entry point, given its substantial contracted computing capacity of approximately 600 MW.
The financial firm also noted Cipher Mining's strategic positioning to secure additional deals at its other sites, potentially driving further medium-term growth. This optimism follows a major announcement earlier this month where Cipher Mining secured a $5.5 billion, 15-year high-performance computing lease agreement with Amazon Web Services (AWS), set to commence in August 2026.
Further bolstering investor confidence, Cipher Mining reported strong recent earnings, with its net loss narrowing by 96% year-over-year to $3.28 million. The company's operating loss also significantly decreased by 59%. Despite these positive developments, the report suggests that certain AI stocks might offer greater returns with less risk.
