On September 18, Cipher Mining Inc. rose 5.02% in regular trading, trading at $17.69/share, with turnover of $38.09 million. The stock extended gains following a 10.8% surge in the prior session, driven by fresh analyst coverage and favorable regulatory developments.

On the news front, Wells Fargo recently initiated coverage of Cipher Mining Inc. with an Overweight rating and a $25 price target, implying significant upside from current levels. The same day, Bernstein maintained its Outperform rating with a $32 target, highlighting that Texas grid operator ERCOT completed its first baseload screening round, in which Cipher applied with 3.6 GW of site capacity and secured 1 GW of incremental approval. Bernstein noted that increasingly scarce approved power capacity will continue to push data center lease pricing higher.

The analyst consensus rating stands at Buy with a mean price target of $31.20, according to FactSet. The company has been advancing its pivot from bitcoin mining to industrial-scale data center development, recently beginning lateral pipeline construction to deliver up to 2.5 GW of natural gas-powered electricity and delivering initial AI data center capacity to a hyperscale tenant ahead of schedule.

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