Cipher Digital

CIFR · NASDAQ

$8.88−$0.06 (−0.67%)TodayMarket closed · Oct 20, 7:59 PM ET

Prev close $8.94

CIFR analyst rating

BuyConsensus of 19 analysts over the last 12 months. 89% rate it a buy.

Strong buy0
Buy17
Hold2
Underperform0
Sell0

12-month price target · 26 analysts

Average $30.77 (+246.5% upside)

Low: $18.18
Now: $8.88
High: $56.70

Upgrades and downgrades

The latest rating actions, newest first

CIFR analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Cantor Fitzgerald	Oct 16, 2026	Maintains	Overweight	$28.00 → $19.00	40%
Morgan Stanley	Oct 12, 2026	Maintains	Overweight	$54.00 → $51.50	58%
UBS	Sep 23, 2026	Initiates	Buy	$23.00	44%
Rothschild & Co	Sep 21, 2026	Initiates	Neutral	$18.00	62%
Morgan Stanley	Sep 18, 2026	Maintains	Overweight	$43.50 → $54.00	58%
Freedom Capital Markets	Sep 18, 2026	Initiates	Hold	$22.00	0%
Wells Fargo	Sep 17, 2026	Initiates	Overweight	$25.00	43%
Rosenblatt	Sep 10, 2026	Maintains	Buy	$30.00	35%
Rosenblatt	Sep 4, 2026	Maintains	Buy	$30.00	35%
JP Morgan	Aug 7, 2026	Maintains	Overweight	$23.00 → $22.00	50%

The case for and against

Updated Oct 14, 2026

Bull case

Cipher Digital is viewed favorably because it is converting bitcoin-mining assets into AI/HPC infrastructure at a time when demand for shovel-ready power and energized land is the key bottleneck, not compute appetite. Its contracted 700 MW book is supported by anchor tenants such as AWS and Fluidstack with a GOOGL backstop, while 96% of equipment is secured and $4.5 billion of secured project debt has been raised against $5.6 billion of total debt, reflecting unusually strong funding access. The long-term case is reinforced by a 3.2 GW pipeline, early delivery on prior projects, and a potential shift toward behind-the-meter generation that could reduce ERCOT-related delays and improve monetization.

Bear case

Cipher Digital is viewed negatively because its earnings mix is still transitioning from shrinking bitcoin mining revenue to unproven HPC rent, leaving near-term results noisy and dependent on deliveries that have not yet stabilized. The 2Q26 GAAP net loss of $267.5M and Adjusted EBITDA loss of $30.0M underscore heavy interest expense, warrant/liability mark-to-market volatility, and the burden of a $5.6B debt stack, including in-the-money convertibles that can add dilution. Execution, regulatory, and concentration risks remain elevated because the uncontracted 4+ GW pipeline is largely in Texas/ERCOT, where new interconnection rules and Batch Zero reviews can delay projects, while single-tenant sites heighten the impact of any tenant or construction setback.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.