Cipher Mining price target raised to $7.25 from $6 at Macquarie

Macquarie analyst Paul Golding raised the firm’s price target on Cipher Mining (CIFR) to $7.25 from $6 and keeps an Outperform rating on the shares. The firm says the company’s Q3 was impacted by network difficulty. However, Cipher’s high performance computing and artificial intelligence discussions are accelerating, which should de-risk its earnings profile over time, the analyst tells investors in a research note. Macquarie cites the re-rating in the sector on the bitcoin price rally and capacity expansion for the target increase.