Cipher Mining target raised to $42.50, fueled by AI infrastructure shift

Morgan Stanley analyst Stephen Byrd reiterated an Overweight rating on Cipher Mining Inc.

The investment bank increased its price target for the company to $42.50 from $40.50.

This update reflects a positive outlook on the firm's expansion into high-performance computing (HPC) and AI infrastructure.

Shares traded lower during the session despite the upgrade, as broader market sentiment pressured the stock.