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Investing.com - H.C. Wainwright has raised its price target on Cipher Mining (NASDAQ:CIFR) to $30.00 from $25.00 while maintaining a Buy rating on the cryptocurrency mining company.
The higher valuation reflects a sum-of-the-parts methodology that applies a 6.0x revenue multiple to the firm’s 2026 revenue estimate of $243 million for Cipher’s Bitcoin mining operations.
H.C. Wainwright also applied a 10x revenue multiple to contracted annual revenue streams from Fluidstack and AWS colocation agreements for Cipher’s high-performance computing (HPC) business.
The updated price target includes the assumption that Cipher will convert 10% of its 3.2 GW development pipeline for future HPC and AI opportunities.
The firm noted several risks that could impact its price target, including Bitcoin price volatility, faster-than-expected increases in network hash rate, construction delays at the Barber Lake site, and potential shareholder dilution from equity raises.
In other recent news, Cipher Mining Inc. announced its third-quarter earnings for 2025, highlighting a strategic shift towards high-performance computing. The company reported earnings per share of $0.10, which was below the expected $0.11, representing a 9.09% negative surprise. Revenue also fell short of expectations, totaling $71.7 million compared to the anticipated $76.5 million, marking a 6.27% shortfall. Despite these financial results, the company has outlined strategic initiatives and provided robust future guidance. These recent developments indicate Cipher Mining’s focus on adapting to a challenging earnings landscape. The company’s strategic pivot could be of interest to investors looking at long-term opportunities.
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