Morgan Stanley analyst Stephen Byrd trimmed Cipher Mining's price target to $47. This is down from $48.50. Byrd cited lowered expectations for the company's Bitcoin mining business. He maintained an "Overweight" rating on the stock, indicating a continued positive outlook.
Cipher Mining's shares rallied over 14% on the day of the announcement. Investors appeared to disregard the target cut. They focused instead on a broader rebound in technology and AI-related stocks. Growing optimism about the company's strategic shift also fueled the rally. This shift involves providing data center infrastructure for large technology clients.