Analysts Raise Price Target for Cipher Mining (CIFR)

Cipher Mining Inc. (NASDAQ:CIFR) is one of the 12 Best Performing Stocks in the Last 3 Months. On October 29, H.C. Wainwright increased the price target on Cipher Mining Inc. (NASDAQ:CIFR) from $17 to $25 and maintained a Buy rating.

H.C. Wainwright analysts expect mining companies to report strong results for the third quarter because of the “strong sequential growth” in Bitcoin prices. The research firm also noted that the hash rate continued expanding in the third quarter and public miners added 58.4 EH/s to their operations during this time.

Previously, on October 16, Rosenblatt Securities also raised its price target on Cipher Mining Inc. (NASDAQ:CIFR) from $14 to $25 and reiterated a Buy rating.

Cipher Mining Inc. (NASDAQ:CIFR) is a technology company that constructs and operates industrial-scale data centers for Bitcoin mining and high-performance computing (HPC) hosting.

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Disclosure: None. This article is originally published at Insider Monkey.