Analyst Recommends Buying Cipher Mining Stock After Fleet Upgrade, Predicts 45% Upside

Analysts at H.C. Wainwright have expressed strong confidence in Cipher Mining Inc. (CIFR), highlighting the company’s recent mining fleet upgrade and forecasting a potential 45% upside. They have raised their price target for CIFR from $5.50 to $6, indicating a significant rise from the current trading price of $4.15 per share.

Mining Fleet Upgrade and Revised Hash Rate Targets

Cipher Mining recently announced a substantial upgrade to its mining operations in Odessa, Texas, which led to an upward revision of its 2024 and 2025 hash rate targets. This revision follows a newly negotiated contract with Bitmain, which accelerates delivery timelines and incorporates Bitmain’s latest S21 Pro miners instead of the previously requested T21 models. As a result, Cipher’s self-mining hash rate target for 2024 has been increased by 45% to 13.5 EH/s.

Positive Market Response and Future Projections

The announcement of the upgrade has positively impacted CIFR’s stock, which closed 5% higher, outperforming the Nasdaq. Analysts anticipate that the deployment of the new miners will significantly enhance the company’s efficiency and cost-effectiveness, positioning Cipher as an industry leader. For 2025, Cipher has further raised its hash rate target by 40% to 35 EH/s, with expectations of reaching full power capacity at its Black Pearl site. The fleet-wide efficiency is projected to achieve 15 J/TH once fully operational.

Strategic Advantages and Analyst Confidence

Cipher Mining’s strategic upgrade will phase out older equipment, deploying more advanced and efficient miners at the Odessa facility. The company aims to achieve a 15% efficiency lead over its competitors by the end of 2024, supported by low power costs. H.C. Wainwright analysts have reiterated a Buy rating for CIFR, reflecting their confidence in the company’s strategic direction and operational execution.

Conclusion

Cipher Mining’s recent upgrade and revised contract with Bitmain have significantly boosted its hash rate targets and operational efficiency. Analysts at H.C. Wainwright see a promising future for CIFR, with a projected price target of $6, suggesting a 45% upside from the current trading price. The company’s focus on efficiency and strategic improvements positions it well for future growth and industry leadership.

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