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Barchart
Anushka Dutta

JPMorgan Says This Data Center Stock Can Gain Nearly 30% From Here

Cipher Mining JPMorgan Mining Cipher Bitcoin AWS BTIG Citizens Fluidstack Google

Analysts at JPMorgan recently raised the rating on emerging data center company Cipher Mining (CIFR), citing a couple of lucrative deals that the company has struck, namely with Amazon's (AMZN) Amazon Web Services (AWS) and Fluidstack, backed by Google. JPMorgan analysts Reginald Smith and Charles Pearce believe that the company will sign more deals at other approved sites, which would drive medium-term upside. 

Also, the firm's analysts upgraded Cipher Mining’s rating from “Neutral” to “Overweight,” while also raising the price target to $18, which implied a potential upside of 27%. However, after this upgrade, the stock has gained 18.1% intraday on Nov. 24, followed by surging 4.9% and 9.3% on Nov. 25 and 26, respectively.

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