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Investing.com - Canaccord Genuity raised its price target on Cipher Mining (NASDAQ:CIFR) to $13.00 from $9.00 on Tuesday, while maintaining a Buy rating on the bitcoin mining company. The stock, currently trading at $10.85, has shown remarkable momentum with a 260% return over the past year and is trading near its 52-week high of $11.32.
The price target increase reflects Canaccord’s optimistic outlook on Cipher’s Barber Lake facility, which could see a deal signed by the end of 2025. Canaccord noted the bitcoin mining operation at this facility ranks among "the most profitable in existence" due to fleet efficiency and low power costs. According to InvestingPro data, while the company maintains a moderate debt level and strong liquidity position with a current ratio of 4.18, it currently operates with relatively weak gross profit margins of 21.36%.
The new $13 target represents a sum-of-the-parts valuation, with Barber Lake valued at approximately $1.7 billion, similar to peer companies with data center deals. The firm values Cipher’s expected 2026 bitcoin mining revenue at roughly $980 million, or about 2x revenue. For deeper insights into Cipher Mining’s valuation metrics and growth potential, InvestingPro subscribers can access comprehensive financial analysis and 20 additional key investment tips.
Canaccord also highlighted the 1,063 bitcoin on Cipher’s balance sheet at the end of Q2, valuing this asset at $1.2 billion. The remaining $1.4 billion in the valuation covers the 150MW Black Pearl P2 site and a portfolio of sites potentially providing up to 1.7GW of additional power.
Cipher Mining stock has already responded positively to increased AI data center activity, but Canaccord believes "there is still more to come" with multiple valuation catalysts expected over the next few years.
In other recent news, Cipher Mining reported disappointing second-quarter results for 2025, with both earnings per share and revenue falling short of market expectations. The company posted an EPS of -$0.12, missing the forecast of -$0.0776, while revenue came in at $43.57 million, below the anticipated $51.18 million. Additionally, Cipher Mining mined approximately 241 bitcoin in August 2025, with its Black Pearl Phase I facility contributing significantly to production. The company ended August with a balance of 1,414 bitcoin after selling 42 bitcoin as part of its treasury management.
Despite the revenue miss, Macquarie raised its price target for Cipher Mining to $8.00 from $6.00, citing the company’s expansion plans and maintaining an Outperform rating. Rosenblatt Securities reiterated its Buy rating and $7.00 price target, highlighting Cipher Mining’s solid quarterly performance and potential in high-performance computing. These developments come amid a broader decline in bitcoin-linked stocks as cryptocurrency prices retreated. Cipher Mining’s stock was among those affected, slipping 2% in recent trading.
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