Bernstein initiated coverage on Cipher Mining (CIFR) with an Outperform rating.
The firm established a price target of $32 per share.
Analysts identified bitcoin miners as power landlords for the high-demand artificial intelligence sector.
Bernstein projects AI-related revenue for the bitcoin mining industry will increase ninefold by 2030.
Cipher’s capital-light lease model and strong order book drive expectations for rapid revenue growth.