Rosenblatt raised the firm's price target on Cipher Mining to $30 from $24 and keeps a Buy rating on the shares. The company's Q1 results were "largely irrelevant" as they focus on the legacy bitcoin mining business, but the construction details "showcased impressive execution with zero delays across over 1M labor-hours on site and rising potential for early access," the analyst tells investors in a research note. Rosenblatt continues to view Cipher as one of the most compelling ways to play hyperscaler-driven power demand.
