Cipher Mining upgraded to Overweight from Neutral at JPMorgan

JPMorgan upgraded Cipher Mining (CIFR) to Overweight from Neutral with an $8 price target The firm updated its bitcoin miner price targets and models to reflect the Q3 results and increases in bitcoin price and the network hashrate. Cipher shares have declined 8% over the past month versus a 24% increase in bitcoin price and 15% increase in the aggregate market cap of the bitcoin mining coverage universe, “which feels overly punitive,” the analyst tells investors in a research note.