Sanford C. Bernstein upgraded Cipher Mining (CIFR) to a strong-buy rating on Friday.
The company now maintains a Moderate Buy consensus rating among analysts.
Equities researchers set an average price target of $27.69 for the stock.
The upgrade follows a strategic pivot toward AI data center hosting.
This bullish outlook persists despite the company missing both earnings and revenue estimates in its latest quarter.
Recent regulatory filings also show that company executives and directors have sold shares.