Rosenblatt initiated coverage of Cipher Mining (CIFR) with a Buy rating and $6.50 price target The firm assumes a 6-times expected forward adjusted EBITDA multiple on the stock vs. its peer average multiple of 5.7-times and believes that a premium is warranted due to its belief that CIFR will enter the higher-multiple HPC business, the analyst tells investors in a research note. The stock has dramatically underperformed in the recent market pullback, but with its largest data center to date energizing Q2, the company is set to scale rapidly, the firm adds.
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