Analysts Raise Price Target for Cipher Mining (CIFR)

Cipher Mining Inc. (NASDAQ:CIFR) is one of the 12 Best Performing Stocks in the Last 3 Months. On October 29, H.C. Wainwright increased the price target on Cipher Mining Inc. (NASDAQ:CIFR) from $17 to $25 and maintained a Buy rating.

H.C. Wainwright analysts expect mining companies to report strong results for the third quarter because of the “strong sequential growth” in Bitcoin prices. The research firm also noted that the hash rate continued expanding in the third quarter and public miners added 58.4 EH/s to their operations during this time.

Analysts Raise Price Target for Cipher Mining (CIFR)

Previously, on October 16, Rosenblatt Securities also raised its price target on Cipher Mining Inc. (NASDAQ:CIFR) from $14 to $25 and reiterated a Buy rating.

Cipher Mining Inc. (NASDAQ:CIFR) is a technology company that constructs and operates industrial-scale data centers for Bitcoin mining and high-performance computing (HPC) hosting.

While we acknowledge the potential of CIFR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than CIFR and that has a 100x upside potential, check out our report about the cheapest AI stock.

READ NEXT: 10 Best American AI Stocks to Buy According to Analysts and 11 Dirt Cheap Stocks to Buy According to Analysts.

Disclosure: None. This article is originally published at Insider Monkey.