Cipher Mining Inc. (NASDAQ:CIFR) shares are compounding gains on Wednesday, driven by Wall Street’s growing enthusiasm for the company’s high-performance computing (HPC) and artificial intelligence infrastructure strategy.
Morgan Stanley Leads Bullish Price Forecast Revisions
Morgan Stanley analyst Stephen Byrd fueled Wednesday’s momentum by maintaining an overweight rating on Cipher Mining and raising the price forecast from $40.5 to $42.5.
This follows a wave of positive analyst actions. On Friday, Needham analyst John Todaro maintained a buy rating and lifted his target from $22 to $25.
Additionally, Jefferies analyst Jonathan Petersen initiated coverage last Thursday with a buy rating and a $32 price forecast.
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