Cipher Mining Inc. (NASDAQ:CIFR) shares are trading higher Monday after JPMorgan upgraded the stock from a Neutral rating to an Overweight rating and raised its price target from $12 to $18.
- CIFR shares are climbing with conviction. See what is happening here.
What To Know: JPMorgan believes long-term high-performance computing deals strengthen the case for Bitcoin miners transitioning into data-center operators, according to Investing.com.
The firm noted that sector deal activity has accelerated since late September, with IREN and Cipher signing more than $19 billion in combined contracted revenue tied to long-duration cloud and colocation agreements.
The analysts now expect miners to shift about 1.7 gigawatts of critical IT capacity to HPC uses by late 2026, or roughly 35% of their approved power base. Cipher was highlighted as one of the strongest operators, with about 600 megawatts of gross capacity already contracted to tenants including AWS and Fluidstack.
JPMorgan said Cipher's stock has fallen roughly 45% from recent highs and could see additional upside if the company signs more agreements at sites such as the 100-megawatt Stingray project. The firm also raised its valuation estimates for HPC capacity after cutting discount rates in its cloud and colocation models, now valuing a megawatt of critical IT colocation capacity at $8 million to $17 million and integrated cloud capacity at up to $19 million.
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CIFR Price Action: At the time of writing, Cipher shares are trading 16.64% higher at $16.52, according to data from Benzinga Pro.
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