On September 21, Cipher Mining Inc. rose 5.1% in pre-market trading, trading at $19.18/share, with turnover of $1.2044 million, following a wave of fresh analyst initiations.

Multiple investment banks recently launched coverage on the stock in quick succession. Wells Fargo initiated with an Overweight rating and a $25 price target, while Chardan initiated at Buy with a $32 target. Freedom Capital Markets initiated with a Hold rating and a $22 target. Separately, Bernstein maintained its Outperform rating and $32 target, highlighting that Texas grid operator ERCOT completed its first baseload screening round, in which Cipher Mining applied with 3.6 GW of site capacity and secured 1 GW of incremental approval — a development that could push data center lease pricing higher as approved power becomes increasingly scarce. The consensus mean price target stands at $31.20 with an average Buy rating.

The company has been actively pivoting toward data center infrastructure, recently beginning development of lateral natural gas pipelines at multiple sites to support up to 2.5 GW of electricity capacity under a bring-your-own-generation model for high-performance computing tenants.

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