Stock Track | Cipher Mining Soars 5.04% Intraday After Jefferies Initiates Coverage with Buy Rating and $32 Target

Stock Track05-15 00:55

Cipher Mining Inc. (CIFR) experienced a significant surge intraday, with its stock price soaring 5.04%.

The sharp upward movement follows a positive analyst initiation from investment firm Jefferies. The firm began coverage of the bitcoin miner and AI data center developer with a Buy rating and a price target of $32. In its research, Jefferies expressed a bullish outlook on companies converting large power footprints, originally secured for cryptocurrency mining, into artificial intelligence data center capacity.

This analyst action provides a favorable outlook on the company's strategic pivot and growth potential, which appears to have driven investor sentiment and buying activity during the trading session.

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