Cipher Mining shares rise on Texas grid capacity news and analyst upgrade

Cipher Mining (CIFR) has seen significant stock movement driven by infrastructure developments and analyst upgrades. The company's share price rose following news from the Electric Reliability Council of Texas (ERCOT), which indicated grid capacity of up to 3.2 gigawatts for Cipher's data center projects in Texas. This capacity update is viewed as a positive catalyst for the scaling of the company's AI compute business.

In addition to infrastructure news, Wells Fargo & Company upgraded Cipher Mining to a ‘strong-buy’ rating. While some other brokerages have issued varying ratings and price targets, the company maintains a consensus rating of ‘Moderate Buy’ with a consensus target price of $29.00.