UBS started coverage on Cipher Mining Inc. ($Cipher Mining Inc.(CIFR)$ ) with a Buy rating and a $23 price target, pointing to 493 MW of signed high-performance computing (HPC) and AI leases with Google Cloud $Alphabet(GOOGL)$ $Alphabet(GOOG)$ , Fluidstack, and Amazon AMZN.
That's a sizable infrastructure footprint and marks a real pivot for Cipher as it moves from being a pure-play crypto miner toward becoming a provider of scarce AI and institutional data center capacity.
The market still seems to undervalue the pipeline, though attention looks like it's picking up.
Analysts estimate the near-term leasing agreements alone account for roughly $12 per share of the company's valuation.
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