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Cipher Is the Latest Bitcoin Miner to Pivot to AI; Price Target Raised to $16: Canaccord

Cipher Mining (CIFR) just delivered one of the most consequential weeks in its history, announcing a major AI hosting deal for its Barber Lake facility and a 1.1billionconvertiblenoteoffering,movesthattogethermayredefinethecompanystrajectory,brokerCanaccordGenuitysaidinareportonMonday.Canaccordreiterateditsbuyratingonthestockandraiseditspricetargetto1.1 billion convertible note offering, moves that together may redefine the company’s trajectory, broker Canaccord Genuity said in a report on Monday. Canaccord reiterated its buy rating on the stock and raised its price target to 16 from 12.Thesharesrose1.212. The shares rose 1.2% in early trading to around 11.60. While the market had been expecting Cipher to sec ...