Canaccord raised the firm’s price target on Cipher Mining (CIFR) to $8 from $7 and keeps a Buy rating on the shares. The firm noted the company disclosed a $50 million strategic PIPE investment from Softbank. While Canaccord view’s the company’s bitcoin mining efforts as quite thoughtful and nicely profitable, they believe the Softbank investment is solely focused on emerging opportunities in AI-related data center hosting at Cipher.
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