We recently published 10 Stocks Stealing Wall Street Spotlight. Cipher Mining Inc. (NASDAQ:CIFR) is one of the best-performing stocks on Monday.
Cipher Mining bounced back from two days of losses on Monday, jumping 18.09 percent to close at $16.71 apiece as investors took heart from JPMorgan’s bullish coverage for its stock.
In a market note on the same day, JPMorgan upgraded its price target for Cipher Mining Inc. (NASDAQ:CIFR) to $18, implying a 7.7 percent upside potential from its latest closing price.
“Cipher shares have declined ~45 percent from recent highs just a few weeks ago, presenting a nice entry point for one of the top operators within our coverage universe with ~600 MW of gross capacity contracted to high-quality HPC tenants (AWS and Fluidstack, backed by Google),” JPMorgan said.
“Additionally, we think Cipher is well positioned to sign additional deals at other approved sites (e.g. Stingray, 100 MW), which could drive additional medium-term upside,” it added.
Earlier this month, Cipher Mining Inc. (NASDAQ:CIFR) bagged a new $5.5 billion, 15-year high-performance computing (HPC) lease agreement with Amazon Web Services (AWS) for the delivery of some 300 MW of computing capacity starting in 2026.
The capacity would be delivered in two phases, in July and in the fourth quarter of the year, while the lease contract would commence in August 2026.
In other developments, Cipher Mining Inc. (NASDAQ:CIFR) announced stellar earnings performance in the last quarter, with net loss narrowing by 96 percent to $3.28 million from $86.75 million in the same period last year.
Operating loss also shrank by 59 percent to $37.6 million from $91.4 million year-on-year.
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Disclosure: None. This article is originally published at Insider Monkey.