Cipher (CIFR), CleanSpark (CLSK) Upgraded by JPMorgan (JPM) as HPC Shift Accelerates

JPMorgan has upgraded its ratings for U.S.-listed bitcoin miners Cipher Mining (CIFR) to overweight from neutral, raising its price target to $18, and CleanSpark (CLSK) to overweight from neutral. This positive outlook stems from the sector's accelerating pivot from being solely focused on bitcoin mining to becoming hybrid High-Performance Computing (HPC) operators, evidenced by significant contracted IT capacity deals. While IREN's target was raised, its rating remained underweight, and MARA Holdings and Riot Platforms saw price target cuts due to the lower bitcoin price. JPMorgan analysts now assign higher equity value per megawatt for colocation and integrated cloud services, reflecting stronger cash-flow visibility. Cipher is noted for its compelling entry point after a pullback and significant contracted capacity with tenants like AWS, while CleanSpark benefits from potential HPC capacity at its new Texas site.

(Source：CoinDesk)