On September 17, Cipher Mining Inc. rose 9.15% in regular trading, trading at $17.61/share, with turnover of $85.50 million. The rally was driven by multiple bullish analyst actions released during the session.

Wells Fargo initiated coverage of Cipher Mining Inc. with an Overweight rating and a $25 price target, implying significant upside from current levels. On the same day, Bernstein maintained its Outperform rating with a $32 target, highlighting that Texas grid operator ERCOT has completed its first Batch Zero baseload screening. Cipher Mining Inc. submitted 3.6 gigawatts of site capacity as a candidate and received 1 gigawatt of incremental baseload approval. Bernstein emphasized that approved power is becoming increasingly scarce, which should continue to push data center lease pricing higher.

Cipher Mining Inc. has been actively pivoting toward AI infrastructure. In early September, the company began developing lateral pipelines at multiple sites to deliver natural gas supporting up to 2.5 gigawatts of electricity for data centers under a bring-your-own-generation model. Analysts polled by FactSet assign an average Buy rating with a mean price target of $31.20.

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