Rothschild Redburn Initiates Neutral Rating on Cipher Mining Inc.

Rothschild Redburn has initiated coverage on Cipher Mining Inc., assigning it a Neutral rating and setting a price target of $18.00.

The stock currently trades at $18.34, up 17.3% over the past week, according to InvestingPro analysis.

Cipher Mining is a U.S.-based company founded in 2021 as a spin-out backed by Bitfury Group, a Bitcoin mining infrastructure and blockchain technology provider.

The firm's original mandate was to build and operate large-scale, low-cost Bitcoin mining data centers across the U.S., primarily in Texas, using Bitfury's mining hardware and operational expertise.