Cipher Mining soars after Macquarie starts coverage with 'outperform' rating

Cipher Digital

25/09/2024 15:59

** Shares of bitcoin miner Cipher Mining  CIFR.O  jump as
much as 21.5%, last up 18.2% at $4.07
    ** Macquarie initiates coverage of CIFR with "outperform"
rating and $6 PT, a 74.4% upside to stock's last close
    ** Brokerage says bitcoin mining when done at scale can be a
high-margin business and CIFR has established itself as a
lower-cost miner
    ** Adds that CIFR is hitting its stride with a flurry of new
site announcements to support both bitcoin mining and
high-performance computing
    ** Eight of nine brokerages rate the stock "buy" or higher
and one "hold"; their median PT is $7.65 - LSEG data
    ** As of last close, CIFR shares down 16.7% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))