Cipher Mining price target lowered to $8 from $10 at Keefe Bruyette

Keefe Bruyette analyst Bill Papanastasiou lowered the firm’s price target on Cipher Mining (CIFR) to $8 from $10 and keeps an Outperform rating on the shares. The company’s print was in line with the firm’s estimates and more importantly highlighted strong execution of an attractive power strategy that aligns closely with Keefe’s long-term thesis that the lowest cost producer of a commodity wins, the analyst tells investors in a research note. The firm continues to believe that Cipher offers an attractive mix of downside protection and upside potential that is afforded by a roughly 2.8 GW power pipeline.