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Cipher Digital (NASDAQ:CIFR) is one of the crypto stocks with huge upside potential. On March 2, Cantor Fitzgerald reiterated an Overweight rating on Cipher Digital (NASDAQ:CIFR) but cut the price target to $24 from $26.
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The price target cut comes on the heels of Cipher Mining’s announcement of its transition from Bitcoin mining to high-performance computing. Even though the company is staring at significant loss in the near term, it is focusing on long-term growth through the strategic positioning around the artificial intelligence boom. Analysts anticipate a sales decline this year amid the transition.
Cantor Fitzgerald’s new price target reflects the reduced valuation of Bitcoin mining, while the Overweight rating affirms confidence in the company’s ability to capitalize on AI demand. On the other hand, the long-term outlook remains positive, with management reiterating progress on construction timelines for both the AWS and Fluidstack deals. The company expects rent for the facilities to begin in the second half of the year, with full rent across both sites by early next year.
Cipher Digital (NASDAQ:CIFR) is a high-performance computing (HPC) data center developer and operator that specializes in industrial-scale infrastructure for Bitcoin mining and artificial intelligence (AI) computing.
While we acknowledge the potential of CIFR as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
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