Needham analyst John Todaro maintained a Buy rating on Cipher Mining (CIFR – Research Report) today and set a price target of $5.00.
John Todaro’s Buy rating for Cipher Mining is based on a combination of updated financial forecasts and market dynamics. In his analysis, Todaro revises upward the revenue and EBITDA estimates for Cipher Mining for the fourth quarter of 2023 and the first quarter of 2024. This revision is a result of reported production figures and estimated power sales, which have shown stronger performance than previously projected. Additionally, the increase in the hash rate forecast—expecting only 11% of the bitcoin network hash rate to come offline post-halving compared to the prior estimate of 28%—reflects optimism about the operational capabilities of Cipher Mining in the face of industry changes.
Furthermore, Todaro’s recommendation incorporates an improved outlook on bitcoin prices, which have recently shown resilience. The boost in bitcoin prices underpins a more favorable environment for mining operations like those of Cipher Mining, potentially leading to better-than-expected financial outcomes. Given these factors, including the company’s robust production numbers and the advantageous bitcoin market trends, Todaro has confidence in the company’s ability to outperform market expectations, justifying the Buy rating for CIFR.
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Cipher Mining (CIFR) Company Description:
Good Works Acquisition Corp is a blank check company.
Read More on CIFR:
- Cipher Mining Announces January 2024 Operational Update
- Cipher Mining Announces Date of Fourth Quarter and Full Year 2023 Business Update Conference Call
- Cipher Mining management to meet with BITG
- Cipher Mining to Present at the 26th Annual Needham Growth Conference
- Here’s What You Missed in Crypto This Week
