Analysts at H.C. Wainright are bullish on Cipher Mining Inc. (CIFR), projecting a 45% upside with a price target of $6. CIFR announced an upgrade to its mining fleet in Odessa, leading to increased hash rate targets for 2024 and 2025.
The new contract with Bitmain includes the latest S21 Pro miners, replacing the older T21s, and increases CIFR’s self-mining hash rate target to 13.5 EH/s for 2024. CIFR’s stock, currently trading at $4.15, rose 5% following the upgrade news.
The upgrade will replace outdated equipment, enhancing efficiency and cost-effectiveness. For 2025, CIFR has raised its outlook to 35 EH/s, expecting full power capacity at its Black Pearl site and fleet-wide efficiency of 15 J/TH.
Supported by low power costs, CIFR aims for a 15% efficiency lead over competitors by the end of 2024. H.C. Wainright’s Buy rating reflects confidence in CIFR’s strategic direction and execution, indicating long-term growth potential.
