Summary: Citizens maintained a Market Outperform rating and a $30.00 price target on Cipher Mining (NASDAQ:CIFR), pointing to recent results that it says confirm the company’s positioning as a scalable digital infrastructure platform amid a strategic transition from Bitcoin mining to high-performance computing (HPC). The firm emphasized material commercial progress and noted near-term financial distortions driven by the wind-down of mining operations and non-cash accounting items.
In its note, Citizens highlighted several metrics and developments it views as supportive of Cipher Mining’s revised strategy. Revenue increased 35% over the last twelve months, and the share price has risen about 318% over the past year. Citizens also pointed to the company’s exit from its bitcoin mining joint venture and a corporate rebrand intended to reflect the shift toward long-duration, contracted HPC revenue streams.
The analyst briefing underlined commercial traction in the form of 600 MW of signed HPC leases, with construction described as fully financed. Citizens said Cipher Mining also has a substantial power pipeline, which the firm believes sets the company up to capture additional development and leasing opportunities and thereby create potential incremental shareholder value over the next several years. Citizens quantified its valuation view by noting the $30 price target implies roughly 16.5 times estimated 2027 EV/EBITDA.
Citizens cautioned that near-term financials are being affected by the mining wind-down and by non-cash accounting items. The company remained unprofitable over the past twelve months, though InvestingPro data cited by Citizens shows analysts expect profitability this year, with net income forecast to increase. The firm said the most recent quarter reinforces its long-term outlook for Cipher Mining.
For investors seeking deeper data and analysis, Citizens referenced that Cipher Mining is included among the 1,400+ U.S. equities covered by its Pro Research Reports, which the firm positions as a resource to translate complex datasets into investment intelligence.
Additional company disclosures discussed separately include details from Cipher Digital’s fourth-quarter 2025 earnings call, which Citizens said underscored a notable strategic pivot from Bitcoin mining toward HPC infrastructure. The company reported a substantial net loss on that call but maintained its commitment to the long-term growth strategy associated with the repositioning.
Citizens noted that the strategic repositioning is intended to capitalize on growing demand for high-performance computing, though specific forward-looking financial projections tied to that shift were not disclosed. Analysts have not yet published updates to their stock ratings in response to the earnings call, and Cipher’s management emphasized its focus on adapting operations and pursuing new opportunities as it aligns the business with future industry requirements.
Contextual takeaway: Citizens views the commercial progress and financing status of Cipher’s HPC initiatives as validation of the company’s strategic transition, while acknowledging short-term profitability and accounting effects related to the mining exit.