Cipher Mining Upgraded to Overweight, Volume Spikes 31M Shares After 16% Surge
Morgan Stanley upgraded Cipher Mining from Underweight to Overweight after the stock surged nearly 16%, reflecting growing investor momentum. Rosenblatt raised its price target to $33 and Citigroup and JMP set $30 objectives, while trading volume spiked to over 31 million shares.
1. Morgan Stanley Upgrade
On February 9, Morgan Stanley raised Cipher Mining’s rating from Underweight to Overweight, signaling a more bullish view on the company’s growth prospects in bitcoin mining. This shift follows a near 16% intraday price jump, highlighting increased confidence in its operational efficiency and sustainability initiatives.
2. Analyst Price Targets
Rosenblatt Securities increased its price target to $33, while Citigroup and JMP Securities each set targets at $30 and assigned outperform ratings. These upward revisions underscore analysts’ expectations for stronger revenue generation and improved margins as new data centers come online.
3. Trading Volume and Volatility
Trading volume surged past 31 million shares, more than double recent averages, indicating heightened investor interest in Cipher Mining’s outlook. Over the past year, the stock has ranged from a low of $1.86 to a high of $25.52, reflecting significant volatility tied to cryptocurrency market swings.